PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 12-Month 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 share price hit 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.

Wall Street Analyst Weigh In

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

PennyMac Mortgage Investment Trust Stock Up 1.3%

The stock has a fifty day moving average of $12.58 and a 200 day moving average of $13.17. The firm has a market capitalization of $1.04 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.22. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.80 and a quick ratio of 0.80.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its quarterly 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 business had revenue of $70.20 million for the quarter, compared to the consensus estimate of $95.46 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. On average, 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 company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were paid a $0.40 dividend. The ex-dividend date was Friday, July 11th. This represents a $1.60 annualized dividend and a dividend yield of 13.4%. PennyMac Mortgage Investment Trust's payout ratio is presently 222.22%.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds have recently made changes to their positions in the company. Deutsche Bank AG raised its stake in shares of PennyMac Mortgage Investment Trust by 44.5% in the fourth quarter. Deutsche Bank AG now owns 77,555 shares of the real estate investment trust's stock valued at $976,000 after buying an additional 23,874 shares during the period. Norges Bank purchased a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at $5,212,000. Raymond James Financial Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at $1,300,000. Northern Trust Corp grew its position in shares of PennyMac Mortgage Investment Trust by 28.6% in the fourth quarter. Northern Trust Corp now owns 1,145,336 shares of the real estate investment trust's stock valued at $14,420,000 after purchasing an additional 254,581 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of PennyMac Mortgage Investment Trust by 4,354.2% in the first quarter. GAMMA Investing LLC now owns 29,754 shares of the real estate investment trust's stock valued at $436,000 after purchasing an additional 29,086 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

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.