PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 52-Week Low – Here’s Why

PennyMac Mortgage Investment Trust (NYSE:PMT) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $8.99 and last traded at $9.0150, with a volume of 287264 shares traded. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PMT. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. Piper Sandler dropped their price objective on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Zacks Research downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Wells Fargo & Company decreased their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Finally, UBS Group lowered their target price on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a report on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.50.

PennyMac Mortgage Investment Trust Trading Down 0.6%

The firm has a 50-day moving average of $9.65 and a two-hundred day moving average of $10.65. The firm has a market capitalization of $794.83 million, a P/E ratio of 6.43, a P/E/G ratio of 0.68 and a beta of 1.14. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 9.18.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.07). The business had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%. On average, analysts anticipate that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 annualized dividend and a dividend yield of 17.6%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds have recently made changes to their positions in the company. Corient Private Wealth LP bought a new position in PennyMac Mortgage Investment Trust in the 2nd quarter valued at approximately $1,651,000. Bank of New York Mellon Corp acquired a new position in PennyMac Mortgage Investment Trust in the 2nd quarter valued at approximately $6,137,000. Royal Bank of Canada increased its position in PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after acquiring an additional 601,233 shares during the period. BlackRock Inc. bought a new position in shares of PennyMac Mortgage Investment Trust during the second quarter valued at $164,344,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 967.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,070 shares of the real estate investment trust’s stock worth $1,806,000 after purchasing an additional 145,076 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

About PennyMac Mortgage Investment Trust