PennyMac Mortgage Investment Trust (NYSE:PMT) Rating Reiterated by Wedbush

Wedbush reaffirmed their neutral rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research note published on Thursday, Benzinga reports. The firm currently has a $15.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.30 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.50 EPS and FY2026 earnings at $1.65 EPS.

Several other research analysts have also commented on PMT. B. Riley restated a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. JMP Securities raised their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Finally, Piper Sandler cut their target price on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.93.

PennyMac Mortgage Investment Trust Stock Performance

NYSE:PMT opened at $13.60 on Thursday. The stock has a market cap of $1.18 billion, a PE ratio of 9.07 and a beta of 1.51. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.62 and a fifty-two week high of $15.89. The firm’s fifty day simple moving average is $14.04 and its 200-day simple moving average is $13.96. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its 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). The firm had revenue of $80.86 million during the quarter, compared to analysts’ expectations of $93.75 million. PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.86%. During the same quarter last year, the company posted $0.51 earnings per share. Analysts expect that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were paid a $0.40 dividend. The ex-dividend date was Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.76%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 106.67%.

Insider Activity

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total transaction of $518,510.10. Following the transaction, the director now owns 49,114 shares in the company, valued at approximately $688,087.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.89% of the stock is currently owned by corporate insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of institutional investors have recently modified their holdings of PMT. Nisa Investment Advisors LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 64,772 shares of the real estate investment trust’s stock worth $924,000 after buying an additional 31,253 shares in the last quarter. International Assets Investment Management LLC increased its holdings in PennyMac Mortgage Investment Trust by 1,607.2% in the 3rd quarter. International Assets Investment Management LLC now owns 367,908 shares of the real estate investment trust’s stock worth $5,246,000 after purchasing an additional 346,358 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in PennyMac Mortgage Investment Trust by 13.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 70,100 shares of the real estate investment trust’s stock worth $1,000,000 after purchasing an additional 8,044 shares in the last quarter. Inspire Investing LLC increased its holdings in PennyMac Mortgage Investment Trust by 12.4% in the 3rd quarter. Inspire Investing LLC now owns 28,724 shares of the real estate investment trust’s stock worth $410,000 after purchasing an additional 3,160 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of PennyMac Mortgage Investment Trust by 26.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 32,811 shares of the real estate investment trust’s stock valued at $468,000 after buying an additional 6,800 shares during the last quarter. 67.38% of the stock is currently owned by 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.