PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Buy Rating from B. Riley (2024)

Posted by Defense World Staff on Jul 25th, 2024

B. Riley reaffirmed their buy rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT – Free Report) in a report released on Wednesday morning, Benzinga reports. B. Riley currently has a $16.00 target price on the real estate investment trust’s stock.

PMT has been the topic of a number of other research reports. Wedbush restated a neutral rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. Keefe, Bruyette & Woods upgraded PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and raised their price target for the stock from $15.00 to $15.50 in a research report on Wednesday, July 10th. Piper Sandler decreased their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a neutral rating on the stock in a research report on Wednesday. Finally, JMP Securities raised their price target 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. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $15.00.

Get Our Latest Research Report on PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust Stock Down 7.9 %

PMT stock opened at $13.32 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 8.88 and a beta of 1.51. The business’s fifty day moving average price is $13.95 and its two-hundred day moving average price is $14.13. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.52 and a fifty-two week high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.17). The firm had revenue of $71.20 million for the quarter, compared to the consensus estimate of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.26% and a net margin of 47.60%. During the same quarter in the previous year, the business earned $0.16 EPS. On average, equities analysts anticipate that PennyMac Mortgage Investment Trust will post 1.43 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 12.01%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds have recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its stake in shares of PennyMac Mortgage Investment Trust by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 43,700 shares of the real estate investment trust’s stock valued at $601,000 after purchasing an additional 800 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of PennyMac Mortgage Investment Trust by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 75,812 shares of the real estate investment trust’s stock worth $1,113,000 after acquiring an additional 1,179 shares during the period. ProShare Advisors LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 7.4% in the first quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock worth $257,000 after acquiring an additional 1,207 shares during the period. National Bank of Canada FI lifted its stake in shares of PennyMac Mortgage Investment Trust by 94.9% in the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,603 shares during the period. Finally, Roble Belko & Company Inc acquired a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth approximately $29,000. 67.38% of the stock is owned by institutional investors and hedge funds.

About PennyMac Mortgage Investment Trust

(Get Free Report)

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.