PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Earnings Results, Misses Expectations By $0.07 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.07), Zacks reports. PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.

PennyMac Mortgage Investment Trust Trading Down 1.1%

PMT stock traded down $0.10 during mid-day trading on Wednesday, hitting $9.69. 1,433,429 shares of the company were exchanged, compared to its average volume of 1,274,467. PennyMac Mortgage Investment Trust has a 12-month low of $9.56 and a 12-month high of $13.81. 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 business has a fifty day simple moving average of $10.27 and a 200-day simple moving average of $11.43. The firm has a market capitalization of $844.71 million, a P/E ratio of 8.42, a PEG ratio of 0.62 and a beta of 1.13.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were issued a dividend of $0.40 per share. The ex-dividend date was Thursday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 16.5%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 139.13%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Zacks Research lowered PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 27th. Piper Sandler cut their target price on 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. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company dropped their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and a consensus target price of $12.80.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of large investors have recently modified their holdings of the stock. Invesco Ltd. increased its stake in PennyMac Mortgage Investment Trust by 8.8% in the third quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock valued at $27,028,000 after purchasing an additional 178,834 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock valued at $26,524,000 after buying an additional 11,764 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 7.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock valued at $18,405,000 after buying an additional 98,701 shares in the last quarter. Millennium Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 41.8% in the 3rd quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after buying an additional 394,497 shares during the last quarter. Finally, Barclays PLC grew its position in shares of PennyMac Mortgage Investment Trust by 93.2% in the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after buying an additional 478,947 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.