Analysts Set PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target at $13.75

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been assigned a consensus rating of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $13.75.

A number of brokerages recently commented on PMT. Citigroup reiterated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 price target for the company in a report on Thursday, December 18th. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Citizens Jmp dropped their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a report on Thursday, January 22nd. Finally, UBS Group raised their target price on PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the stock a “neutral” rating in a research report on Friday, October 24th.

PennyMac Mortgage Investment Trust Stock Up 1.0%

Shares of NYSE:PMT opened at $12.49 on Tuesday. The firm’s 50 day moving average price is $12.82 and its 200 day moving average price is $12.46. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.01 and a beta of 1.27. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.60 and a fifty-two week high of $14.93. The company has a quick ratio of 0.88, a current ratio of 0.64 and a debt-to-equity ratio of 0.76.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $0.48 EPS for the quarter, topping the consensus estimate of $0.41 by $0.07. PennyMac Mortgage Investment Trust had a net margin of 41.59% and a return on equity of 9.53%. The company had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $96.96 million. As a group, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Friday, December 26th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 12.8%. The ex-dividend date was Friday, December 26th. PennyMac Mortgage Investment Trust’s payout ratio is currently 163.27%.

Insider Activity at PennyMac Mortgage Investment Trust

In related news, CEO David Spector purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average cost of $12.40 per share, for a total transaction of $124,000.00. Following the purchase, the chief executive officer directly owned 357,794 shares of the company’s stock, valued at $4,436,645.60. The trade was a 2.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors have recently modified their holdings of PMT. Invesco Ltd. raised its position in PennyMac Mortgage Investment Trust by 8.8% in the 3rd quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock valued at $27,028,000 after purchasing an additional 178,834 shares during the last quarter. Geode Capital Management LLC increased its stake in PennyMac Mortgage Investment Trust by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock valued at $26,524,000 after purchasing an additional 11,764 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of PennyMac Mortgage Investment Trust by 7.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock valued at $18,405,000 after buying an additional 98,701 shares during the last quarter. Millennium Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 41.8% in the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after buying an additional 394,497 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of PennyMac Mortgage Investment Trust by 20.9% during the second quarter. Boston Partners now owns 1,249,758 shares of the real estate investment trust’s stock worth $15,873,000 after buying an additional 216,056 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.