PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 1-Year Low After Earnings Miss

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price hit a new 52-week low on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $10.91 and last traded at $11.1050, with a volume of 1034252 shares changing hands. The stock had previously closed at $12.13.

The real estate investment trust reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). The firm had revenue of $82.29 million for the quarter, compared to analysts’ expectations of $92.92 million. PennyMac Mortgage Investment Trust had a net margin of 41.59% and a return on equity of 9.53%.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 24th. Shareholders of record on Thursday, April 9th were paid a $0.40 dividend. The ex-dividend date was Thursday, April 9th. This represents a $1.60 annualized dividend and a yield of 14.2%. PennyMac Mortgage Investment Trust’s payout ratio is presently 163.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Friday, March 27th. Piper Sandler decreased their target price on shares of PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Citizens Jmp decreased their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. Finally, Citigroup restated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.60.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank boosted its stake in shares of PennyMac Mortgage Investment Trust by 3.3% during the third quarter. Amalgamated Bank now owns 25,689 shares of the real estate investment trust’s stock valued at $315,000 after purchasing an additional 831 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 8.0% during the fourth quarter. Evergreen Capital Management LLC now owns 12,417 shares of the real estate investment trust’s stock valued at $161,000 after purchasing an additional 915 shares in the last quarter. CWM LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 57.7% during the third quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 1,077 shares in the last quarter. Collar Capital Management LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 1.2% during the fourth quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust’s stock valued at $1,137,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Wedbush Securities Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 1.3% during the fourth quarter. Wedbush Securities Inc. now owns 90,310 shares of the real estate investment trust’s stock valued at $1,133,000 after purchasing an additional 1,125 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Trading Down 7.4%

The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 6.55. The stock’s 50 day moving average price is $11.86 and its 200-day moving average price is $12.36. The stock has a market capitalization of $979.69 million, a P/E ratio of 11.47, a P/E/G ratio of 0.59 and a beta of 1.19.

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.