Wedbush Reaffirms Neutral Rating for PennyMac Mortgage Investment Trust (NYSE:PMT)

Wedbush reissued their neutral rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research note published on Monday, Benzinga reports. They currently have a $15.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q2 2024 earnings at $0.34 EPS, Q3 2024 earnings at $0.34 EPS, Q4 2024 earnings at $0.32 EPS, FY2024 earnings at $1.40 EPS, Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.40 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.37 EPS.

Several other brokerages have also recently weighed in on PMT. JMP Securities reiterated a market outperform rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, January 10th. They issued a hold rating and a $15.00 price objective for the company. Finally, B. Riley raised their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the company a buy rating in a research report on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, PennyMac Mortgage Investment Trust presently has an average rating of Hold and an average target price of $14.75.

PennyMac Mortgage Investment Trust Stock Performance

PennyMac Mortgage Investment Trust stock opened at $14.34 on Monday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.28 and a current ratio of 0.34. The company has a market capitalization of $1.24 billion, a PE ratio of 9.56 and a beta of 1.48. The company has a 50 day moving average price of $14.11 and a 200-day moving average price of $14.03. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were issued a $0.40 dividend. The ex-dividend date was Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 11.16%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 7,810 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $14.34, for a total value of $111,995.40. Following the transaction, the director now owns 53,311 shares of the company’s stock, valued at approximately $764,479.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in PennyMac Mortgage Investment Trust in the fourth quarter valued at about $9,781,000. International Assets Investment Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 1,307.8% in the 4th quarter. International Assets Investment Management LLC now owns 325,910 shares of the real estate investment trust’s stock valued at $4,872,000 after purchasing an additional 302,760 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in PennyMac Mortgage Investment Trust by 23.2% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,507,911 shares of the real estate investment trust’s stock worth $18,698,000 after purchasing an additional 284,200 shares in the last quarter. Advisors Preferred LLC purchased a new stake in PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $2,105,000. Finally, Charles Schwab Investment Management Inc. increased its stake in PennyMac Mortgage Investment Trust by 6.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,299,582 shares of the real estate investment trust’s stock valued at $16,115,000 after purchasing an additional 78,311 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.