PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 12-Month Low - Here's What Happened

Key Points

• PennyMac Mortgage Investment Trust shares hit a new 52-week low, trading as low as $8.80. The stock’s average analyst rating is “Hold,” with a consensus price target of $11.50.
• The company reported quarterly EPS of $0.23, missing the $0.30 consensus estimate, while revenue came in at negative $46 million versus expectations of $93.93 million.
• PennyMac declared a quarterly dividend of $0.40, or $1.60 annually, implying an unusually high 18.0% yield; its payout ratio stands at 112.68%.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $8.80 and last traded at $8.9120, with a volume of 4395100 shares traded. The stock had previously closed at $8.80.

Analysts Set New Price Targets

A number of research firms have weighed in on PMT. Zacks Research downgraded PennyMac Mortgage Investment Trust from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 27th. Wells Fargo & Company reduced their price target on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Friday, July 31st. UBS Group lowered their price objective on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating for the company in a research report on Friday, August 21st. Deutsche Bank Aktiengesellschaft upgraded shares of PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 target price on the stock in a report on Saturday, August 15th. Finally, Piper Sandler reduced their target price on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.50.

PennyMac Mortgage Investment Trust Stock Performance

The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $775.66 million, a P/E ratio of 6.24, a P/E/G ratio of 0.65 and a beta of 1.14. The business's 50-day simple moving average is $9.49 and its 200 day simple moving average is $10.54.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.07). The firm had revenue of ($46.00) million during the quarter, compared to the consensus estimate of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. As a group, equities analysts predict that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 18.0%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust's dividend payout ratio is presently 112.68%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PMT. Corient Private Wealth LP bought a new stake in PennyMac Mortgage Investment Trust during the second quarter valued at about $1,651,000. Bank of New York Mellon Corp purchased a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $6,137,000. Royal Bank of Canada raised its position in shares of PennyMac Mortgage Investment Trust by 1,469.4% during the first quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust's stock valued at $7,488,000 after buying an additional 601,233 shares during the last quarter. BlackRock Inc. purchased a new position in PennyMac Mortgage Investment Trust during the second quarter valued at $164,344,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in PennyMac Mortgage Investment Trust by 967.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,070 shares of the real estate investment trust's stock valued at $1,806,000 after acquiring an additional 145,076 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Company Profile

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