PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 12-Month Low – Time to Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT) shares hit a new 52-week low on Tuesday . The stock traded as low as $10.18 and last traded at $10.26, with a volume of 122424 shares traded. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PMT. Weiss Ratings cut shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, May 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Wells Fargo & Company reduced their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Finally, Piper Sandler dropped their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating for the company in a research note on Tuesday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average price target of $12.80.

PennyMac Mortgage Investment Trust Price Performance

The stock has a market capitalization of $916.91 million, a PE ratio of 9.14, a price-to-earnings-growth ratio of 0.50 and a beta of 1.21. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The stock’s 50 day moving average price is $11.41 and its 200-day moving average price is $12.18.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The company had revenue of $82.29 million for the quarter, compared to analysts’ expectations of $92.92 million. As a group, equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Investors of record on Thursday, April 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $1.60 dividend on an annualized basis and a yield of 15.2%. PennyMac Mortgage Investment Trust’s dividend payout ratio is 139.13%.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new position in PennyMac Mortgage Investment Trust in the fourth quarter valued at about $26,000. Bessemer Group Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 142.1% during the first 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at about $33,000. GAMMA Investing LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 102.8% during the fourth quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 1,395 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 184.3% during the fourth quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 1,815 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.