PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $13.88 Average Price Target from Brokerages

PennyMac Mortgage Investment Trust (NYSE:PMT) has been assigned an average recommendation of “Hold” from the seven research firms that are presently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $13.8750.

Several analysts recently issued reports on PMT shares. UBS Group upped their price target on PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the stock a “neutral” rating in a report on Friday, October 24th. Zacks Research raised shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Monday, November 24th. Finally, Wells Fargo & Company assumed coverage on shares of PennyMac Mortgage Investment Trust in a report on Monday, August 25th. They issued an “equal weight” rating and a $13.00 price objective on the stock.

PennyMac Mortgage Investment Trust Stock Down 0.6%

Shares of NYSE PMT opened at $12.84 on Thursday. PennyMac Mortgage Investment Trust has a 52 week low of $11.60 and a 52 week high of $14.93. The company has a quick ratio of 0.80, a current ratio of 0.57 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. The firm has a 50-day moving average price of $12.30 and a 200 day moving average price of $12.40.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.19. PennyMac Mortgage Investment Trust had a return on equity of 9.01% and a net margin of 37.92%.The firm had revenue of $99.23 million during the quarter, compared to the consensus estimate of $97.91 million. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Friday, October 10th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 12.5%. The ex-dividend date was Friday, October 10th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 175.82%.

Insider Activity at PennyMac Mortgage Investment Trust

In related news, CEO David Spector bought 10,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were bought at an average cost of $12.40 per share, for a total transaction of $124,000.00. Following the completion of the purchase, the chief executive officer owned 357,794 shares of the company’s stock, valued at $4,436,645.60. This represents a 2.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Catherine A. Lynch purchased 2,823 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, September 22nd. The shares were purchased at an average cost of $12.02 per share, with a total value of $33,932.46. Following the acquisition, the director owned 54,711 shares of the company’s stock, valued at approximately $657,626.22. This trade represents a 5.44% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 14,293 shares of company stock valued at $176,557. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently bought and sold shares of PMT. Boston Partners acquired a new position in PennyMac Mortgage Investment Trust in the first quarter worth approximately $14,807,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 71.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,335,101 shares of the real estate investment trust’s stock worth $19,559,000 after purchasing an additional 557,389 shares during the last quarter. Ieq Capital LLC bought a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at $7,644,000. Barclays PLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 93.2% in the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after purchasing an additional 478,947 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 41.8% in the 3rd quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after purchasing an additional 394,497 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.