PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 12-Month Low – Here’s Why

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) reached a new 52-week low on Wednesday . The stock traded as low as $12.28 and last traded at $12.37, with a volume of 72007 shares traded. The stock had previously closed at $12.48.

Analysts Set New Price Targets

Separately, Wedbush reiterated a “neutral” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.17.

PennyMac Mortgage Investment Trust Stock Performance

The company has a market cap of $1.06 billion, a P/E ratio of 8.94 and a beta of 1.50. The company’s fifty day moving average is $13.18 and its 200 day moving average is $13.67. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.56.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $80.86 million for the quarter, compared to the consensus estimate of $93.75 million. PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.90%. During the same period last year, the business posted $0.51 earnings per share. As a group, equities analysts predict that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, December 27th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 13.16%. The ex-dividend date is Friday, December 27th. PennyMac Mortgage Investment Trust’s payout ratio is 117.65%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PMT. K2 Principal Fund L.P. purchased a new stake in PennyMac Mortgage Investment Trust in the third quarter worth $5,841,000. International Assets Investment Management LLC lifted its holdings in PennyMac Mortgage Investment Trust by 1,607.2% in the third quarter. International Assets Investment Management LLC now owns 367,908 shares of the real estate investment trust’s stock worth $5,246,000 after buying an additional 346,358 shares during the period. Wolverine Asset Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 105.8% in the 3rd quarter. Wolverine Asset Management LLC now owns 461,323 shares of the real estate investment trust’s stock valued at $6,578,000 after purchasing an additional 237,210 shares during the period. Millennium Management LLC grew its stake in PennyMac Mortgage Investment Trust by 223.1% in the second quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock worth $3,198,000 after purchasing an additional 160,595 shares during the period. Finally, Dana Investment Advisors Inc. grew its stake in PennyMac Mortgage Investment Trust by 40.7% in the second quarter. Dana Investment Advisors Inc. now owns 427,941 shares of the real estate investment trust’s stock worth $5,884,000 after purchasing an additional 123,890 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.