PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 12-Month Low – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $7.46 and last traded at $7.4540, with a volume of 11729 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

PMT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Saturday, August 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, August 18th. Piper Sandler cut their price target 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. Wells Fargo & Company decreased their price target on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Finally, UBS Group lowered their price objective on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.50.

PennyMac Mortgage Investment Trust Price Performance

The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. The stock’s 50-day moving average is $9.07 and its 200 day moving average is $10.21. The stock has a market capitalization of $654.09 million, a PE ratio of 5.31, a P/E/G ratio of 0.60 and a beta of 1.20.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The company had revenue of ($46.00) million during the quarter, compared to analysts’ expectations of $93.93 million. As a group, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 21.3%. PennyMac Mortgage Investment Trust’s dividend payout ratio is 112.68%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the second quarter worth approximately $432,000. Nykredit A S acquired a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $37,000. Corient Private Wealth LP purchased a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter valued at $1,747,000. Wedbush Securities Inc. raised its position in PennyMac Mortgage Investment Trust by 1.6% in the 2nd quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust’s stock valued at $1,038,000 after purchasing an additional 1,469 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in PennyMac Mortgage Investment Trust by 967.6% during the 2nd 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 period. Institutional investors and hedge funds own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac’s activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.