PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $12.69, but opened at $12.30. PennyMac Mortgage Investment Trust shares last traded at $12.65, with a volume of 199,390 shares traded.
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). PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. The company had revenue of $70.20 million for the quarter, compared to the consensus estimate of $95.46 million.
PennyMac Mortgage Investment Trust Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 12.91%. The ex-dividend date of this dividend was Friday, July 11th. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is currently 222.22%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the company. Jones Trading reaffirmed a "hold" rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 24th. Wells Fargo & Company dropped their price target on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. UBS Group dropped their price target on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $14.50 to $13.50 in a research report on Friday. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of "Hold" and a consensus target price of $14.00.
View Our Latest Report on PMT
Institutional Trading of PennyMac Mortgage Investment Trust
A number of large investors have recently added to or reduced their stakes in PMT. Proficio Capital Partners LLC acquired a new stake in PennyMac Mortgage Investment Trust in the fourth quarter valued at $139,000. Raymond James Financial Inc. bought a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $1,300,000. KLP Kapitalforvaltning AS bought a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $217,000. LPL Financial LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 8.9% during the 4th quarter. LPL Financial LLC now owns 214,628 shares of the real estate investment trust's stock worth $2,702,000 after acquiring an additional 17,592 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 41.0% during the 4th quarter. Prudential Financial Inc. now owns 230,603 shares of the real estate investment trust's stock worth $2,903,000 after acquiring an additional 67,000 shares during the period. Institutional investors and hedge funds own 67.38% of the company's stock.
PennyMac Mortgage Investment Trust Price Performance
The company has a current ratio of 0.55, a quick ratio of 0.63 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average price of $12.63 and a 200 day moving average price of $13.17. The company has a market capitalization of $1.08 billion, a P/E ratio of 17.22, a P/E/G ratio of 1.66 and a beta of 1.24.
About PennyMac Mortgage Investment Trust
(
Get Free Report)
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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