PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 52-Week Low - Time to Sell?

Key Points

• PennyMac Mortgage Investment Trust's stock has reached a new 52-week low of $11.77, a decline from the previous close of $12.03, following a trading volume of over 1.3 million shares.
• Recent analyst ratings have downgraded the stock, with Wells Fargo and UBS reducing their price targets and most ratings indicating a consensus of "Hold."
• The company reported a quarterly earnings miss, with an EPS of ($0.04) against an expected $0.35, alongside revenues of $70.2 million, well below the forecasted $95.46 million.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $11.77 and last traded at $11.80, with a volume of 1336578 shares changing hands. The stock had previously closed at $12.03.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods lowered shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $14.50 to $13.50 in a report on Friday, July 25th. UBS Group decreased their price objective on shares of PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on shares of PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Finally, Jones Trading restated a "hold" rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 24th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $14.00.

PennyMac Mortgage Investment Trust Price Performance

The company has a quick ratio of 0.63, a current ratio of 0.80 and a debt-to-equity ratio of 3.82. The firm's 50 day simple moving average is $12.58 and its 200 day simple moving average is $13.16. The company has a market capitalization of $1.03 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.53 and a beta of 1.22.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.39). The company had revenue of $70.20 million for the quarter, compared to analysts' expectations 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 anticipate that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.60 dividend on an annualized basis and a yield of 13.6%. PennyMac Mortgage Investment Trust's dividend payout ratio is 222.22%.

Institutional Trading of PennyMac Mortgage Investment Trust

Several hedge funds have recently modified their holdings of the company. Signaturefd LLC raised its position in shares of PennyMac Mortgage Investment Trust by 53.8% in the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 870 shares during the last quarter. Maridea Wealth Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 2.7% in the 2nd quarter. Maridea Wealth Management LLC now owns 41,578 shares of the real estate investment trust's stock valued at $535,000 after purchasing an additional 1,085 shares during the last quarter. Motiv8 Investments LLC raised its position in shares of PennyMac Mortgage Investment Trust by 13.1% in the 1st quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust's stock valued at $169,000 after purchasing an additional 1,333 shares during the last quarter. GAMMA Investing LLC raised its position in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 1,363 shares during the last quarter. Finally, Intech Investment Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the 1st quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock valued at $1,601,000 after purchasing an additional 1,411 shares during the last quarter. 67.38% of the stock is 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.