Brokerages Set PennyMac Mortgage Investment Trust (PMT) PT at $20.25

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been assigned an average recommendation of “Buy” from the six analysts that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $20.25.

A number of research firms recently issued reports on PMT. ValuEngine upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Credit Suisse Group upped their price objective on shares of PennyMac Mortgage Investment Trust from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 25th. Wells Fargo & Co initiated coverage on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, September 18th. They set a “market perform” rating and a $20.00 price objective on the stock. JMP Securities upped their price objective on shares of PennyMac Mortgage Investment Trust from $20.00 to $21.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, Barclays upped their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 25th.

PennyMac Mortgage Investment Trust stock opened at $20.43 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.60 and a current ratio of 0.54. PennyMac Mortgage Investment Trust has a 12-month low of $14.87 and a 12-month high of $20.47. The firm has a market cap of $1.25 billion, a P/E ratio of 15.72, a P/E/G ratio of 2.62 and a beta of 0.39.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, November 1st. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.25. PennyMac Mortgage Investment Trust had a net margin of 40.40% and a return on equity of 10.64%. The company had revenue of $108.50 million for the quarter, compared to the consensus estimate of $121.87 million. During the same quarter in the previous year, the company earned $0.47 EPS. PennyMac Mortgage Investment Trust’s quarterly revenue was up 43.1% compared to the same quarter last year. On average, equities research analysts expect that PennyMac Mortgage Investment Trust will post 1.56 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 30th. Shareholders of record on Monday, October 15th were issued a dividend of $0.47 per share. The ex-dividend date was Friday, October 12th. This represents a $1.88 annualized dividend and a yield of 9.20%. PennyMac Mortgage Investment Trust’s payout ratio is 144.62%.

In other news, Director Marianne Sullivan bought 3,015 shares of the stock in a transaction dated Friday, August 31st. The stock was bought at an average price of $19.95 per share, for a total transaction of $60,149.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Spector sold 5,490 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $19.56, for a total transaction of $107,384.40. The disclosure for this sale can be found here. Corporate insiders own 2.46% of the company’s stock.

Several hedge funds have recently made changes to their positions in PMT. Fox Run Management L.L.C. purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $208,000. Centaurus Financial Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $220,000. Nisa Investment Advisors LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $232,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $245,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $281,000. Institutional investors own 68.19% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).

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