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:PMTFree Report) 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.

View Our Latest Stock Report on PennyMac Mortgage Investment Trust

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:PMTGet Free Report) 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

(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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