Brokerages Set PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target at $15.17

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $15.17.

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

PennyMac Mortgage Investment Trust Stock Up 1.1 %

Shares of NYSE PMT opened at $12.70 on Monday. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.56. The firm has a 50-day moving average price of $13.27 and a 200 day moving average price of $13.71. PennyMac Mortgage Investment Trust has a 52 week low of $12.33 and a 52 week high of $15.22. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 9.34 and a beta of 1.50.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share 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 analyst estimates of $93.75 million. PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. During the same quarter in the prior year, the company earned $0.51 EPS. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.29 EPS 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, January 24th. Investors of record on Friday, December 27th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.60%. The ex-dividend date of this dividend is Friday, December 27th. PennyMac Mortgage Investment Trust’s payout ratio is currently 117.65%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently modified their holdings of PMT. Geode Capital Management LLC boosted its position in PennyMac Mortgage Investment Trust by 1.6% during the third quarter. Geode Capital Management LLC now owns 2,021,922 shares of the real estate investment trust’s stock worth $28,838,000 after acquiring an additional 31,479 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,456,613 shares of the real estate investment trust’s stock valued at $20,771,000 after purchasing an additional 18,368 shares during the period. JPMorgan Chase & Co. increased its stake in PennyMac Mortgage Investment Trust by 1.5% in the third quarter. JPMorgan Chase & Co. now owns 1,219,206 shares of the real estate investment trust’s stock valued at $17,386,000 after purchasing an additional 18,122 shares during the last quarter. Bank of New York Mellon Corp lifted its position in PennyMac Mortgage Investment Trust by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock worth $10,895,000 after buying an additional 9,506 shares during the period. Finally, Van ECK Associates Corp boosted its stake in PennyMac Mortgage Investment Trust by 34.4% in the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock worth $8,554,000 after buying an additional 159,131 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.