PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds. Its Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, excess servicing spreads, and agency and senior non-agency mortgage-backed securities (MBS), as well as related interest rate hedging activities. The company's Correspondent Production segment is involved in purchasing, pooling, and reselling newly originated prime credit residential loans directly or in the form of MBS. PNMAC Capital Management, LLC acts as the manager of PennyMac Mortgage Investment Trust. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its shareholders. PennyMac Mortgage Investment Trust was founded in 2009 and is headquartered in Westlake Village, California.
PennyMac Mortgage Investment Trust Trading Down 1.2 %
Shares of PennyMac Mortgage Investment Trust stock opened at $15.29 on Tuesday. The business has a fifty day simple moving average of $14.57 and a 200-day simple moving average of $15.55. The company has a quick ratio of 0.52, a current ratio of 0.45 and a debt-to-equity ratio of 1.42. PennyMac Mortgage Investment Trust has a 12 month low of $11.64 and a 12 month high of $20.72.
PennyMac Mortgage Investment Trust Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 28th. Investors of record on Thursday, July 14th were given a dividend of $0.47 per share. The ex-dividend date was Wednesday, July 13th. This represents a $1.88 dividend on an annualized basis and a yield of 12.30%. PennyMac Mortgage Investment Trust's payout ratio is -97.41%.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. JMP Securities reduced their price target on PennyMac Mortgage Investment Trust from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Tuesday, April 26th. Credit Suisse Group reduced their target price on PennyMac Mortgage Investment Trust to $16.50 in a report on Friday, July 22nd. TheStreet downgraded PennyMac Mortgage Investment Trust from a "c-" rating to a "d" rating in a report on Friday, May 6th. Piper Sandler cut their price target on PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday, June 28th. Finally, StockNews.com downgraded PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a report on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.97.