PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Rating Reaffirmed by B. Riley

B. Riley reiterated their buy rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $16.00 price objective on the real estate investment trust’s stock. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q3 2024 earnings at $0.36 EPS, FY2025 earnings at $1.73 EPS, Q2 2026 earnings at $0.44 EPS and FY2026 earnings at $1.79 EPS.

A number of other brokerages have also recently issued reports on PMT. Piper Sandler cut their target price 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. Wedbush reiterated a neutral rating and set a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Monday, April 29th. JMP Securities lifted their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a market outperform rating in a report on Friday, July 19th. Finally, Keefe, Bruyette & Woods upgraded shares of PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and lifted their price target for the stock from $15.00 to $15.50 in a report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $14.93.

PennyMac Mortgage Investment Trust Stock Up 1.5 %

Shares of NYSE PMT opened at $13.76 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. PennyMac Mortgage Investment Trust has a 52 week low of $10.52 and a 52 week high of $15.89. The firm has a 50-day moving average price of $13.89 and a 200 day moving average price of $14.12. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 9.17 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The business had revenue of $71.20 million for the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter in the previous year, the firm posted $0.16 EPS. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.37 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were issued a $0.40 dividend. The ex-dividend date was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a yield of 11.63%. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth $9,781,000. International Assets Investment Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 1,307.8% during the fourth quarter. International Assets Investment Management LLC now owns 325,910 shares of the real estate investment trust’s stock worth $4,872,000 after purchasing an additional 302,760 shares in the last quarter. Jane Street Group LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 124.7% during the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after purchasing an additional 161,723 shares in the last quarter. Advisors Preferred LLC acquired a new stake in PennyMac Mortgage Investment Trust in the fourth quarter valued at $2,105,000. Finally, O Shaughnessy Asset Management LLC raised its holdings in PennyMac Mortgage Investment Trust by 173.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 98,500 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Mortgage Investment Trust

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.