PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Key Points

• PennyMac Mortgage Investment Trust reported quarterly EPS of $0.23, missing the $0.30 consensus estimate by $0.07. The REIT posted a 10.71% return on equity and a 41.38% net margin.
• PMT shares fell 1.1% to $9.69, near the company’s 52-week low. The company paid a quarterly dividend of $0.40 per share, representing a 16.5% annualized yield, though its payout ratio stood at 139.13%.
• Analysts maintain a consensus “Hold” rating, with an average price target of $12.80; recent firms lowered their targets, while hedge funds increased their positions and institutional investors own 67.38% of the stock.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07), Zacks reports. PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.

PennyMac Mortgage Investment Trust Trading Down 1.1%

Shares of PMT stock traded down $0.10 during trading hours on Wednesday, hitting $9.69. 1,433,429 shares of the company were exchanged, compared to its average volume of 1,274,456. The firm has a fifty day moving average of $10.27 and a 200 day moving average of $11.43. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. PennyMac Mortgage Investment Trust has a 1 year low of $9.56 and a 1 year high of $13.81. The firm has a market cap of $844.71 million, a PE ratio of 8.42, a PEG ratio of 0.62 and a beta of 1.13.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 16.5%. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 139.13%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL increased its holdings in shares of PennyMac Mortgage Investment Trust by 761.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 99,546 shares of the real estate investment trust's stock worth $1,249,000 after buying an additional 87,997 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in PennyMac Mortgage Investment Trust during the fourth quarter valued at about $187,000. Balyasny Asset Management L.P. increased its stake in PennyMac Mortgage Investment Trust by 28.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 222,172 shares of the real estate investment trust's stock worth $2,788,000 after acquiring an additional 49,151 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 429.7% in the 4th quarter. Guggenheim Capital LLC now owns 102,860 shares of the real estate investment trust's stock worth $1,291,000 after purchasing an additional 83,442 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 58.4% in the 4th quarter. AQR Capital Management LLC now owns 127,180 shares of the real estate investment trust's stock valued at $1,596,000 after purchasing an additional 46,914 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PMT. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, May 21st. Piper Sandler cut their price objective on PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a "neutral" rating for the company in a research report on Tuesday, May 26th. Wells Fargo & Company reduced their target price on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 7th. Finally, Wall Street Zen cut PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.80.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust NYSE: PMT is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor's mortgage servicing, underwriting and capital markets expertise.

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