Analysts Set PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price at $12.80

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been given a consensus recommendation of “Hold” by the eight analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $12.80.

Several analysts have recently commented on PMT shares. Weiss Ratings cut PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, May 21st. 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, May 26th. Zacks Research downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Finally, Wells Fargo & Company decreased their target price 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.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC increased its position in PennyMac Mortgage Investment Trust by 350.3% during the fourth quarter. Nuveen LLC now owns 927,864 shares of the real estate investment trust’s stock worth $11,645,000 after acquiring an additional 721,790 shares during the period. Royal Bank of Canada boosted its holdings in PennyMac Mortgage Investment Trust by 1,469.4% during the first quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after purchasing an additional 601,233 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in PennyMac Mortgage Investment Trust by 149.1% in the 4th quarter. JPMorgan Chase & Co. now owns 873,470 shares of the real estate investment trust’s stock valued at $10,962,000 after buying an additional 522,839 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of PennyMac Mortgage Investment Trust by 1,586.5% in the 4th quarter. SG Americas Securities LLC now owns 526,950 shares of the real estate investment trust’s stock worth $6,613,000 after purchasing an additional 495,704 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 93.2% during the third quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock worth $12,169,000 after buying an additional 478,947 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $10.14 on Friday. PennyMac Mortgage Investment Trust has a 52 week low of $9.83 and a 52 week high of $13.81. The firm has a market capitalization of $884.64 million, a P/E ratio of 8.82, a P/E/G ratio of 0.65 and a beta of 1.13. 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 firm’s 50 day moving average is $10.44 and its two-hundred day moving average is $11.63.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share 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 firm had revenue of $233.25 million during the quarter, compared to analysts’ expectations of $92.92 million. Research analysts forecast that PennyMac Mortgage Investment Trust will post 1.16 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 9th will be paid a $0.40 dividend. The ex-dividend date is Thursday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.8%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 139.13%.

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.