PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report)'s share price gapped down before the market opened on Wednesday after Piper Sandler lowered their price target on the stock from $15.00 to $14.50. The stock had previously closed at $14.47, but opened at $13.87. Piper Sandler currently has a neutral rating on the stock. PennyMac Mortgage Investment Trust shares last traded at $13.69, with a volume of 362,486 shares traded.
PMT has been the topic of several other reports. Keefe, Bruyette & Woods upgraded shares of PennyMac Mortgage Investment Trust from a "market perform" rating to an "outperform" rating and increased their price target for the company from $15.00 to $15.50 in a research note on Wednesday, July 10th. Wedbush reiterated a "neutral" rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. Finally, JMP Securities raised their price target on 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. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $15.00.
Check Out Our Latest Research Report on PMT
Hedge Funds Weigh In On PennyMac Mortgage Investment Trust
Institutional investors have recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. raised its stake in shares of PennyMac Mortgage Investment Trust by 4.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,571,966 shares of the real estate investment trust's stock worth $23,501,000 after purchasing an additional 64,055 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust's stock valued at $20,345,000 after acquiring an additional 61,287 shares in the last quarter. Norges Bank acquired a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth about $9,781,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 4.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust's stock worth $9,443,000 after acquiring an additional 28,121 shares during the period. Finally, Van ECK Associates Corp lifted its position in PennyMac Mortgage Investment Trust by 0.7% in the first quarter. Van ECK Associates Corp now owns 463,002 shares of the real estate investment trust's stock valued at $6,797,000 after purchasing an additional 3,192 shares during the period. Institutional investors and hedge funds own 67.38% of the company's stock.
PennyMac Mortgage Investment Trust Stock Performance
The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. The stock's 50-day moving average is $13.95 and its 200 day moving average is $14.13. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 8.88 and a beta of 1.51.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a return on equity of 13.25% and a net margin of 45.19%. 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 earned $0.16 EPS. As a group, analysts predict that PennyMac Mortgage Investment Trust will post 1.43 earnings per share for the current fiscal year.
PennyMac Mortgage Investment Trust Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 12.01%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is 106.67%.
PennyMac Mortgage Investment Trust Company Profile
(Get Free Report)
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.
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