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.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the company. JMP Securities lowered their price objective on PennyMac Mortgage Investment Trust from $22.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, April 26th. TheStreet lowered PennyMac Mortgage Investment Trust from a "c-" rating to a "d" rating in a report on Friday, May 6th. Jonestrading decreased their price objective on shares of PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a research report on Friday, May 6th. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 28th. Finally, StockNews.com cut shares of PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research note on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.97.
PennyMac Mortgage Investment Trust Price Performance
Shares of PennyMac Mortgage Investment Trust stock opened at $15.45 on Friday. The company's fifty day simple moving average is $14.54 and its two-hundred day simple moving average is $15.55. PennyMac Mortgage Investment Trust has a 12-month low of $11.64 and a 12-month high of $20.72. The firm has a market cap of $1.40 billion, a PE ratio of -8.01 and a beta of 1.17. 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 Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 28th. Shareholders of record on Thursday, July 14th were issued a $0.47 dividend. The ex-dividend date was Wednesday, July 13th. This represents a $1.88 annualized dividend and a yield of 12.17%. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is presently -97.41%.