PennyMac Mortgage Investment Trust (NYSE:PMT) Given Consensus Recommendation of "Reduce" by Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) have earned a consensus recommendation of "Reduce" from the eight research firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $14.00.

PMT has been the topic of a number of research analyst reports. Zacks Research cut PennyMac Mortgage Investment Trust from a "hold" rating to a "strong sell" rating in a research note on Monday, September 22nd. Keefe, Bruyette & Woods cut PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $14.50 to $13.50 in a research note on Friday, July 25th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a research note on Saturday, September 27th. Finally, Wells Fargo & Company began coverage on PennyMac Mortgage Investment Trust in a research note on Monday, August 25th. They set an "equal weight" rating and a $13.00 price objective on the stock.

PennyMac Mortgage Investment Trust Stock Down 0.2%

PMT opened at $12.42 on Wednesday. The stock has a market cap of $1.08 billion, a PE ratio of 17.25, a P/E/G ratio of 3.04 and a beta of 1.29. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 3.82. PennyMac Mortgage Investment Trust has a 52 week low of $11.70 and a 52 week high of $14.93. The business's fifty day simple moving average is $12.20 and its 200 day simple moving average is $12.65.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.39). The firm had revenue of $70.20 million during the quarter, compared to the consensus estimate of $95.46 million. PennyMac Mortgage Investment Trust had a net margin of 34.65% and a return on equity of 7.68%. As a group, research analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be issued a $0.40 dividend. The ex-dividend date is Friday, October 10th. This represents a $1.60 annualized dividend and a yield of 12.9%. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is 222.22%.

Insider Activity

In other PennyMac Mortgage Investment Trust news, Director Catherine A. Lynch bought 2,823 shares of the stock in a transaction dated Monday, September 22nd. The stock was purchased at an average cost of $12.02 per share, for a total transaction of $33,932.46. Following the completion of the acquisition, the director owned 54,711 shares of the company's stock, valued at approximately $657,626.22. This trade represents a 5.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds have recently added to or reduced their stakes in PMT. Vanguard Group Inc. grew its position in shares of PennyMac Mortgage Investment Trust by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 9,623,312 shares of the real estate investment trust's stock valued at $140,982,000 after acquiring an additional 30,334 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 0.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,895,196 shares of the real estate investment trust's stock worth $86,365,000 after acquiring an additional 20,578 shares during the period. Geode Capital Management LLC increased its position in shares of PennyMac Mortgage Investment Trust by 1.4% during the second quarter. Geode Capital Management LLC now owns 2,096,625 shares of the real estate investment trust's stock worth $26,966,000 after acquiring an additional 28,689 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in PennyMac Mortgage Investment Trust by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,525,689 shares of the real estate investment trust's stock valued at $22,351,000 after buying an additional 5,295 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of PennyMac Mortgage Investment Trust by 5.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,402,505 shares of the real estate investment trust's stock valued at $18,036,000 after buying an additional 67,404 shares during 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.

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