Piper Sandler Lowers PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $14.50

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target cut by Piper Sandler from $15.00 to $14.50 in a report released on Wednesday, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

PMT has been the topic of several other reports. JMP Securities boosted their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a market outperform rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods upgraded shares of PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and boosted their target price for the stock from $15.00 to $15.50 in a research report on Wednesday, July 10th. Finally, Wedbush restated a neutral rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $14.93.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT opened at $13.76 on Wednesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.34 and a current ratio of 0.33. The stock has a market capitalization of $1.20 billion, a P/E ratio of 9.17 and a beta of 1.51. The company’s fifty day moving average is $13.89 and its two-hundred day moving average is $14.12. PennyMac Mortgage Investment Trust has a 1 year low of $10.52 and a 1 year high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.17). The firm had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. During the same period in the prior year, the firm posted $0.16 earnings per share. On average, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.37 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 12th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a yield of 11.63%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 106.67%.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently bought and sold shares of PMT. Roble Belko & Company Inc bought a new position in PennyMac Mortgage Investment Trust during the first quarter worth $29,000. National Bank of Canada FI increased its holdings in shares of PennyMac Mortgage Investment Trust by 94.9% during the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,603 shares during the period. EntryPoint Capital LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 251.8% during the first quarter. EntryPoint Capital LLC now owns 7,007 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 5,015 shares during the period. Essex Financial Services Inc. acquired a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at $150,000. Finally, Entropy Technologies LP acquired a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $149,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

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.