PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Has Consensus Price Target of $10.92

PennyMac Mortgage Investment Trust (NYSE:PMT) has been given a consensus rating of “Hold” by the nine brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $10.92.

PMT has been the topic of several recent research reports. Zacks Research upgraded shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 16th. Citizens Jmp lowered their price target on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating for the company in a report on Thursday, October 15th. Citigroup reissued a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 15th. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Saturday, August 15th.

PennyMac Mortgage Investment Trust Trading Up 2.4%

NYSE PMT opened at $7.00 on Friday. PennyMac Mortgage Investment Trust has a one year low of $6.70 and a one year high of $13.81. The company’s 50 day moving average price is $8.54 and its 200 day moving average price is $9.86. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market capitalization of $610.84 million, a price-to-earnings ratio of 4.82, 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 analysts’ consensus estimates 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 business had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. On average, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.02 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. Shareholders 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 yield of 22.8%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in PennyMac Mortgage Investment Trust by 142.1% in the 1st 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. Allworth Financial LP acquired a new stake in shares of PennyMac Mortgage Investment Trust during the second quarter valued at about $33,000. Nykredit A S purchased a new stake in shares of PennyMac Mortgage Investment Trust during the second quarter worth about $37,000. Public Employees Retirement System of Ohio purchased a new stake in shares of PennyMac Mortgage Investment Trust during the second quarter worth about $38,000. Finally, State of Wyoming acquired a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth about $67,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

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

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.