PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $14.50 Average Price Target from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has earned a consensus recommendation of “Hold” from the eight ratings firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $14.50.

A number of research analysts recently weighed in on PMT shares. Keefe, Bruyette & Woods cut their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an “outperform” rating for the company in a report on Thursday, April 24th. Wells Fargo & Company lowered their price objective on shares of PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, May 2nd. UBS Group reduced their target price on shares of PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. JMP Securities restated a “market outperform” rating and set a $15.50 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 23rd. Finally, Jones Trading reiterated a “hold” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 24th.

PennyMac Mortgage Investment Trust Price Performance

PMT opened at $13.07 on Friday. The company’s 50-day simple moving average is $13.45 and its two-hundred day simple moving average is $13.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.41 and a current ratio of 0.41. The stock has a market capitalization of $1.14 billion, a P/E ratio of 9.83 and a beta of 1.32. PennyMac Mortgage Investment Trust has a 52-week low of $11.77 and a 52-week high of $15.22.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.39). The business had revenue of $44.47 million during the quarter, compared to the consensus estimate of $94.36 million. PennyMac Mortgage Investment Trust had a return on equity of 11.48% and a net margin of 48.17%. During the same quarter in the previous year, the business posted $0.39 earnings per share. As a group, analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 25th. Investors of record on Friday, April 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $1.60 annualized dividend and a yield of 12.24%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 172.04%.

Insiders Place Their Bets

In other news, Director Catherine A. Lynch bought 2,878 shares of the business’s stock in a transaction dated Thursday, April 24th. The shares were acquired at an average price of $12.15 per share, for a total transaction of $34,967.70. Following the completion of the transaction, the director now owns 49,254 shares of the company’s stock, valued at approximately $598,436.10. This trade represents a 6.21% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Doug Jones sold 14,530 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $14.50, for a total transaction of $210,685.00. Following the transaction, the director now directly owns 64,082 shares in the company, valued at $929,189. The trade was a 18.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PMT. Rialto Wealth Management LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth $25,000. Wilmington Savings Fund Society FSB acquired a new stake in PennyMac Mortgage Investment Trust in the 3rd quarter worth about $28,000. Principal Securities Inc. grew its holdings in PennyMac Mortgage Investment Trust by 2,042.9% in the 4th quarter. Principal Securities Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 2,288 shares during the period. GAMMA Investing LLC grew its holdings in PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 1,363 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.