PennyMac Mortgage Investment Trust Forecasted to Post Q3 2024 Earnings of $0.32 Per Share (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT) – Investment analysts at Wedbush cut their Q3 2024 earnings estimates for shares of PennyMac Mortgage Investment Trust in a report issued on Thursday, October 10th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings per share of $0.32 for the quarter, down from their prior forecast of $0.33. Wedbush has a “Neutral” rating and a $15.00 price objective on the stock. The consensus estimate for PennyMac Mortgage Investment Trust’s current full-year earnings is $1.28 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2024 earnings at $0.37 EPS.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. The business had revenue of $71.20 million for the quarter, compared to analyst estimates of $90.26 million. During the same period in the prior year, the company posted $0.16 EPS.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods cut their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. 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 note on Friday, July 19th. Piper Sandler reduced their price objective 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. Finally, B. Riley reissued a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT opened at $14.00 on Monday. PennyMac Mortgage Investment Trust has a twelve month low of $10.52 and a twelve month high of $15.89. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 9.33 and a beta of 1.51. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. The firm’s fifty day simple moving average is $13.98 and its 200-day simple moving average is $13.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System increased its position in shares of PennyMac Mortgage Investment Trust by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 43,700 shares of the real estate investment trust’s stock worth $601,000 after acquiring an additional 800 shares in the last quarter. Inspire Investing LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 4.7% during the second quarter. Inspire Investing LLC now owns 25,564 shares of the real estate investment trust’s stock worth $352,000 after purchasing an additional 1,144 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in PennyMac Mortgage Investment Trust by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 75,812 shares of the real estate investment trust’s stock worth $1,113,000 after purchasing an additional 1,179 shares in the last quarter. ProShare Advisors LLC increased its holdings in PennyMac Mortgage Investment Trust by 7.4% in the first quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock valued at $257,000 after buying an additional 1,207 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in PennyMac Mortgage Investment Trust by 2.2% during the second quarter. Cetera Investment Advisers now owns 72,125 shares of the real estate investment trust’s stock valued at $992,000 after buying an additional 1,553 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 37,010 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total value of $518,510.10. Following the completion of the transaction, the director now owns 49,114 shares of the company’s stock, valued at $688,087.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have acquired 2,879 shares of company stock valued at $39,028 over the last quarter. Corporate insiders own 0.89% of the company’s stock.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.43%. The ex-dividend date of this dividend is Friday, October 11th. PennyMac Mortgage Investment Trust’s payout ratio is currently 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.