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.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on PMT shares. Credit Suisse Group dropped their target price on PennyMac Mortgage Investment Trust to $16.50 in a report on Friday, July 22nd. Piper Sandler cut their price objective on PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an "overweight" rating for the company in a report on Tuesday, June 28th. StockNews.com lowered PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a report on Tuesday, June 28th. B. Riley cut their price target on shares of PennyMac Mortgage Investment Trust from $21.00 to $18.00 and set a "buy" rating for the company in a report on Friday, July 1st. Finally, JMP Securities lowered their price objective on shares of PennyMac Mortgage Investment Trust from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.97.
PennyMac Mortgage Investment Trust Price Performance
NYSE:PMT opened at $15.42 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.42. PennyMac Mortgage Investment Trust has a 1 year low of $11.64 and a 1 year high of $20.72. The company has a market cap of $1.40 billion, a PE ratio of -7.99 and a beta of 1.17. The stock's 50-day moving average price is $14.45 and its two-hundred day moving average price is $15.47.
PennyMac Mortgage Investment Trust Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, July 28th. Investors of record on Thursday, July 14th were given a $0.47 dividend. The ex-dividend date of this dividend was Wednesday, July 13th. This represents a $1.88 annualized dividend and a dividend yield of 12.19%. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is presently -97.41%.