PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Cut to $14.50 by Analysts at Keefe, Bruyette & Woods

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price objective lowered by Keefe, Bruyette & Woods from $15.50 to $14.50 in a report issued on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

PMT has been the topic of a number of other research reports. JMP Securities restated a “market outperform” rating and issued a $15.50 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 23rd. UBS Group lowered their price objective on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Four 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, PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and an average target price of $14.75.

PennyMac Mortgage Investment Trust Trading Down 1.7 %

NYSE PMT opened at $12.08 on Thursday. PennyMac Mortgage Investment Trust has a 52 week low of $11.77 and a 52 week high of $15.22. The business has a 50 day moving average price of $13.92 and a 200-day moving average price of $13.50. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.43. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 9.08 and a beta of 1.17.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.39). PennyMac Mortgage Investment Trust had a net margin of 48.17% and a return on equity of 11.48%. The business had revenue of $44.47 million for the quarter, compared to the consensus estimate of $94.36 million. During the same quarter last year, the firm posted $0.39 EPS. As a group, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, April 11th. This represents a $1.60 annualized dividend and a dividend yield of 13.25%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 172.04%.

Insider Activity

In related news, Director Doug Jones sold 14,530 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $14.50, for a total value of $210,685.00. Following the transaction, the director now directly owns 64,082 shares of the company’s stock, valued at approximately $929,189. The trade was a 18.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by corporate insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Several hedge funds have recently added to or reduced their stakes in PMT. Invesco Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 167.5% during the 4th quarter. Invesco Ltd. now owns 2,173,869 shares of the real estate investment trust’s stock worth $27,369,000 after purchasing an additional 1,361,282 shares during the last quarter. Norges Bank bought a new stake in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at $5,212,000. Northern Trust Corp raised its stake in shares of PennyMac Mortgage Investment Trust by 28.6% in the fourth quarter. Northern Trust Corp now owns 1,145,336 shares of the real estate investment trust’s stock valued at $14,420,000 after buying an additional 254,581 shares during the period. TrueMark Investments LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at $3,106,000. Finally, GraniteShares Advisors LLC bought a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth $2,461,000. Institutional investors own 67.38% of the company’s stock.

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.