PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01), Yahoo Finance reports. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. The company had revenue of $80.86 million for the quarter, compared to analysts’ expectations of $93.75 million. During the same period in the prior year, the business earned $0.51 EPS.

PennyMac Mortgage Investment Trust Stock Performance

Shares of NYSE PMT opened at $13.52 on Thursday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. The firm’s 50-day moving average price is $14.04 and its two-hundred day moving average price is $13.97. PennyMac Mortgage Investment Trust has a 52-week low of $10.52 and a 52-week high of $15.89. The stock has a market capitalization of $1.17 billion, a P/E ratio of 8.95 and a beta of 1.51.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 11.83%. The ex-dividend date is Friday, October 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 105.96%.

Wall Street Analysts Forecast Growth

PMT has been the topic of several research reports. Keefe, Bruyette & Woods cut their target price on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. Piper Sandler cut their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. JMP Securities upped their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. Wedbush reiterated a “neutral” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Finally, B. Riley restated a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and a consensus price target of $14.93.

Insider Activity at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 37,010 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total transaction of $518,510.10. Following the transaction, the director now directly owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 2,879 shares of company stock worth $39,028 in the last 90 days. 0.89% of the stock is currently owned by company insiders.

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.