PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Gets Price Target Trim from Citizens Jmp

PennyMac Mortgage Investment Trust (NYSE:PMT) had its target price lowered by Citizens Jmp from $15.00 to $12.50 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a market outperform rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on PMT. Wells Fargo & Company cut their target price on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Weiss Ratings cut shares of PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. Piper Sandler lowered their price target on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Saturday, August 15th. Finally, UBS Group dropped their target price on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and a consensus price target of $10.92.

PennyMac Mortgage Investment Trust Price Performance

PennyMac Mortgage Investment Trust stock opened at $6.93 on Thursday. PennyMac Mortgage Investment Trust has a one year low of $6.80 and a one year high of $13.81. The business has a fifty day moving average price of $8.74 and a 200-day moving average price of $10.01. 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 has a market capitalization of $604.73 million, a P/E ratio of 4.88, a PEG ratio of 0.39 and a beta of 1.20.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The company had revenue of ($46.00) million during the quarter, compared to analysts’ expectations of $93.93 million. As a group, equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 23.1%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

Several hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 142.1% during the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 1,285 shares during the last quarter. Wedbush Securities Inc. increased its stake in PennyMac Mortgage Investment Trust by 1.6% during the second quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 1,469 shares during the last quarter. QRG Capital Management Inc. raised its holdings 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 buying an additional 1,905 shares during the period. Maridea Wealth Management LLC raised its stake in shares of PennyMac Mortgage Investment Trust by 4.8% in the first quarter. Maridea Wealth Management LLC now owns 43,430 shares of the real estate investment trust’s stock valued at $506,000 after acquiring an additional 1,974 shares during the period. Finally, Amundi raised its position in PennyMac Mortgage Investment Trust by 17.0% in the 1st quarter. Amundi now owns 15,855 shares of the real estate investment trust’s stock worth $185,000 after purchasing an additional 2,304 shares during the period. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac’s activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.