Analysts Set PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price at $14.93

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned a consensus recommendation of “Hold” from the seven brokerages that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $14.93.

Several equities analysts have issued reports on PMT shares. Keefe, Bruyette & Woods dropped their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. Wedbush reaffirmed a “neutral” rating and set a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. B. Riley reiterated a “buy” rating and issued a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, July 24th. JMP Securities raised their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. Finally, Piper Sandler reduced their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a research report on Wednesday, July 24th.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 37,010 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total transaction of $518,510.10. Following the completion of the transaction, the director now directly owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have bought 2,879 shares of company stock valued at $39,028. 0.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock worth $20,345,000 after buying an additional 61,287 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock worth $10,895,000 after purchasing an additional 9,506 shares during the last quarter. Norges Bank purchased a new stake in PennyMac Mortgage Investment Trust in the 4th quarter valued at approximately $9,781,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in PennyMac Mortgage Investment Trust by 4.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust’s stock valued at $9,443,000 after buying an additional 28,121 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in PennyMac Mortgage Investment Trust by 34.4% during the second quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock worth $8,554,000 after buying an additional 159,131 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE PMT opened at $14.16 on Friday. The stock’s 50-day simple moving average is $13.90 and its 200-day simple moving average is $14.01. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a market capitalization of $1.23 billion, a PE ratio of 9.44 and a beta of 1.51. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.52 and a fifty-two week high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.17). The company had revenue of $71.20 million for the quarter, compared to analysts’ expectations of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter in the prior year, the firm posted $0.16 EPS. As a group, equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.40 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a yield of 11.30%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 106.67%.

PennyMac Mortgage Investment Trust Company Profile

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.