Wedbush Comments on PennyMac Mortgage Investment Trust's FY2024 Earnings (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) - Research analysts at Wedbush lifted their FY2024 earnings per share estimates for PennyMac Mortgage Investment Trust in a report released on Monday, April 29th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $1.40 per share for the year, up from their previous forecast of $1.35. Wedbush has a "Neutral" rating and a $15.00 price target on the stock. The consensus estimate for PennyMac Mortgage Investment Trust's current full-year earnings is $1.35 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust's Q4 2024 earnings at $0.32 EPS, Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.40 EPS, Q3 2025 earnings at $0.40 EPS and Q4 2025 earnings at $0.37 EPS.

A number of other equities analysts have also recently issued reports on the company. B. Riley increased their target price on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, January 10th. They issued a "hold" rating and a $15.00 target price on the stock. Finally, JMP Securities restated a "market outperform" rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $14.75.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock traded down $0.15 during trading on Tuesday, hitting $13.86. 607,750 shares of the company's stock traded hands, compared to its average volume of 623,816. PennyMac Mortgage Investment Trust has a twelve month low of $10.52 and a twelve month high of $15.89. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.28. The company has a market cap of $1.20 billion, a PE ratio of 9.24 and a beta of 1.48. The firm's fifty day moving average price is $14.10 and its 200 day moving average price is $14.02.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Roble Belko & Company Inc acquired a new stake in shares of PennyMac Mortgage Investment Trust during the 1st quarter worth approximately $29,000. National Bank of Canada FI grew its holdings in PennyMac Mortgage Investment Trust by 94.9% during the 4th quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 1,603 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of PennyMac Mortgage Investment Trust by 16.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust's stock valued at $97,000 after acquiring an additional 1,115 shares during the last quarter. Oak Thistle LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the 3rd quarter valued at $125,000. Finally, Essex Financial Services Inc. bought a new position in shares of PennyMac Mortgage Investment Trust in the 4th quarter worth $150,000. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Doug Jones sold 7,810 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $14.34, for a total transaction of $111,995.40. Following the sale, the director now directly owns 53,311 shares of the company's stock, valued at $764,479.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.89% of the company's stock.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 11.55%. The ex-dividend date of this dividend was Thursday, April 11th. PennyMac Mortgage Investment Trust's payout ratio is presently 106.67%.

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.