PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 1-Year Low – Time to Sell?

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $9.80 and last traded at $9.8350, with a volume of 1977170 shares changing hands. The stock had previously closed at $10.12.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PMT. Zacks Research cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Piper Sandler dropped their target price on PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Tuesday, May 26th. 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. Wells Fargo & Company dropped their price target on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.80.

PennyMac Mortgage Investment Trust Price Performance

The firm has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $11.59. 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 has a market capitalization of $881.24 million, a P/E ratio of 8.79, a P/E/G ratio of 0.63 and a beta of 1.13.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). The business had revenue of $233.25 million during the quarter, compared to the consensus estimate of $92.92 million. PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. On average, analysts expect that PennyMac Mortgage Investment Trust will post 1.16 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.8%. The ex-dividend date of this dividend is Thursday, July 9th. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its stake in PennyMac Mortgage Investment Trust by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 4,335 shares during the period. Jane Street Group LLC bought a new stake in shares of PennyMac Mortgage Investment Trust in the first quarter worth approximately $4,166,000. Intech Investment Management LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 1.3% in the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust’s stock worth $1,601,000 after acquiring an additional 1,411 shares during the period. JPMorgan Chase & Co. grew its stake in shares of PennyMac Mortgage Investment Trust by 4.6% in the second quarter. JPMorgan Chase & Co. now owns 441,547 shares of the real estate investment trust’s stock worth $5,678,000 after acquiring an additional 19,389 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of PennyMac Mortgage Investment Trust by 49.0% during the second quarter. Russell Investments Group Ltd. now owns 4,861 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,599 shares during the last quarter. 67.38% of the stock is currently owned by 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.