PennyMac Mortgage Investment Trust (NYSE:PMT) Given Consensus Rating of “Moderate Buy” by Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $15.17.

Separately, Wedbush restated a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th.

PennyMac Mortgage Investment Trust Stock Performance

PMT stock opened at $12.70 on Monday. The firm has a market cap of $1.10 billion, a P/E ratio of 9.34 and a beta of 1.50. The stock’s 50 day simple moving average is $13.27 and its 200 day simple moving average is $13.71. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.56. PennyMac Mortgage Investment Trust has a 12-month low of $12.33 and a 12-month high of $15.22.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. The business had revenue of $80.86 million during the quarter, compared to the consensus estimate of $93.75 million. During the same quarter in the previous year, the business posted $0.51 earnings per share. As a group, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.29 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, December 27th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $1.60 annualized dividend and a yield of 12.60%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 117.65%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds and other institutional investors have recently made changes to their positions in PMT. Bank of New York Mellon Corp grew its position in PennyMac Mortgage Investment Trust by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock valued at $10,895,000 after buying an additional 9,506 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of PennyMac Mortgage Investment Trust in the second quarter valued at approximately $177,000. Commonwealth Equity Services LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 56.9% during the second quarter. Commonwealth Equity Services LLC now owns 63,423 shares of the real estate investment trust’s stock valued at $872,000 after acquiring an additional 22,988 shares during the period. Van ECK Associates Corp increased its stake in shares of 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 valued at $8,554,000 after acquiring an additional 159,131 shares during the period. Finally, Wolverine Asset Management LLC raised its holdings in PennyMac Mortgage Investment Trust by 781.5% during the second quarter. Wolverine Asset Management LLC now owns 224,113 shares of the real estate investment trust’s stock worth $3,082,000 after purchasing an additional 198,688 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.