PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 12-Month Low – Here’s Why

PennyMac Mortgage Investment Trust (NYSE:PMT)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $8.99 and last traded at $9.0150, with a volume of 287264 shares traded. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PMT. Piper Sandler dropped their price target on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Saturday, August 15th. Wells Fargo & Company decreased their price target on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, July 31st. UBS Group cut their price objective on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research report on Friday, August 21st. Finally, Zacks Research cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 27th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $11.50.

PennyMac Mortgage Investment Trust Stock Down 0.7%

The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46. The firm’s 50-day moving average price is $9.58 and its 200 day moving average price is $10.61. The firm has a market capitalization of $783.49 million, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 0.67 and a beta of 1.14.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%.The company had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. Sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 17.8%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Collar Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the fourth quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust’s stock worth $1,137,000 after buying an additional 1,100 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 142.1% in the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 1,285 shares during the last quarter. Wedbush Securities Inc. raised its holdings in PennyMac Mortgage Investment Trust by 1.6% in the second quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust’s stock valued at $1,038,000 after acquiring an additional 1,469 shares in the last quarter. Clearstead Advisors LLC raised its holdings in PennyMac Mortgage Investment Trust by 184.3% in the fourth quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 1,815 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in PennyMac Mortgage Investment Trust by 17.0% during the 1st quarter. QRG Capital Management Inc. now owns 13,123 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 1,905 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust