PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Rating Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a sell rating to a strong sell rating in a report published on Saturday morning,Wall Street Zen reports.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price target on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Wednesday. Piper Sandler cut their price target on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday, October 9th. 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 note on Saturday, August 15th. Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. Finally, Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.75.

PennyMac Mortgage Investment Trust Stock Performance

NYSE:PMT opened at $7.85 on Friday. The stock’s 50-day moving average is $8.14 and its 200-day moving average is $10.31. PennyMac Mortgage Investment Trust has a 1-year low of $6.70 and a 1-year high of $13.81. The company has a current ratio of 1.60, a quick ratio of 1.46 and a debt-to-equity ratio of 11.14. The stock has a market cap of $684.35 million, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 0.68 and a beta of 1.21.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. PennyMac Mortgage Investment Trust had a net margin of 29.15% and a return on equity of 11.41%. The business had revenue of $36.24 million during the quarter, compared to analyst estimates of $95.01 million. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 0.67 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th were issued a dividend of $0.40 per share. The ex-dividend date was Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 20.4%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 347.83%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently modified their holdings of the company. Maryland State Retirement & Pension System raised its position in shares of PennyMac Mortgage Investment Trust by 55.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 19,665 shares of the real estate investment trust’s stock worth $155,000 after acquiring an additional 6,987 shares in the last quarter. AlphaCore Capital LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 15.4% during the 3rd quarter. AlphaCore Capital LLC now owns 17,541 shares of the real estate investment trust’s stock valued at $138,000 after purchasing an additional 2,344 shares in the last quarter. GraniteShares Advisors LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 40.4% during the 3rd quarter. GraniteShares Advisors LLC now owns 311,609 shares of the real estate investment trust’s stock valued at $2,455,000 after purchasing an additional 89,605 shares in the last quarter. Samalin Investment Counsel LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 51.0% during the 3rd quarter. Samalin Investment Counsel LLC now owns 25,224 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 8,521 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 186.5% during the 3rd quarter. Signaturefd LLC now owns 7,079 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 4,608 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

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

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.