PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Cut to $13.00 by Analysts at Piper Sandler

PennyMac Mortgage Investment Trust (NYSE:PMT) had its target price trimmed by Piper Sandler from $13.50 to $13.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also commented on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Friday, March 27th. Citigroup restated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Citizens Jmp decreased their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating for the company in a report on Thursday, January 22nd. Finally, 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 research report on Thursday, December 18th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.60.

PennyMac Mortgage Investment Trust Trading Up 1.6%

Shares of PMT stock opened at $11.97 on Thursday. The company has a market cap of $1.04 billion, a P/E ratio of 12.21, a PEG ratio of 0.57 and a beta of 1.24. The stock has a 50 day simple moving average of $12.11 and a two-hundred day simple moving average of $12.39. The company has a debt-to-equity ratio of 6.55, a quick ratio of 1.12 and a current ratio of 1.12. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.15 and a fifty-two week high of $14.61.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $0.48 earnings per share for the quarter, beating 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 firm had revenue of $0.15 million for the quarter, compared to analyst estimates of $96.96 million. Research analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 24th. Stockholders of record on Thursday, April 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $1.60 annualized dividend and a dividend yield of 13.4%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 163.27%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC purchased a new stake in PennyMac Mortgage Investment Trust during the fourth quarter worth about $510,000. Tudor Investment Corp ET AL boosted its stake in PennyMac Mortgage Investment Trust by 761.9% in the fourth quarter. Tudor Investment Corp ET AL now owns 99,546 shares of the real estate investment trust’s stock valued at $1,249,000 after acquiring an additional 87,997 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at approximately $187,000. Balyasny Asset Management L.P. grew its position in shares of PennyMac Mortgage Investment Trust by 28.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 222,172 shares of the real estate investment trust’s stock valued at $2,788,000 after acquiring an additional 49,151 shares during the period. Finally, Guggenheim Capital LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 429.7% during the 4th quarter. Guggenheim Capital LLC now owns 102,860 shares of the real estate investment trust’s stock worth $1,291,000 after purchasing an additional 83,442 shares during the last quarter. Institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

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.