PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Lowered to $13.00 at UBS Group

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target cut by UBS Group from $13.25 to $13.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Separately, JMP Securities restated a “market outperform” rating and set a $15.50 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.83.

PennyMac Mortgage Investment Trust Stock Up 2.3 %

PMT stock opened at $12.99 on Wednesday. PennyMac Mortgage Investment Trust has a 52 week low of $11.77 and a 52 week high of $15.22. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.43. The company has a market cap of $1.13 billion, a P/E ratio of 9.76 and a beta of 1.17. The company’s 50-day moving average price is $14.01 and its 200 day moving average price is $13.54.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its earnings results on Thursday, January 30th. The real estate investment trust reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. PennyMac Mortgage Investment Trust had a return on equity of 11.48% and a net margin of 48.17%. On average, research analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be issued a $0.40 dividend. The ex-dividend date is Friday, April 11th. This represents a $1.60 annualized dividend and a yield of 12.32%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 120.30%.

Insiders Place Their Bets

In other news, Director Doug Jones sold 14,530 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $14.50, for a total transaction of $210,685.00. Following the completion of the transaction, the director now owns 64,082 shares of the company’s stock, valued at $929,189. This represents a 18.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently bought and sold shares of the stock. QRG Capital Management Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 8.3% during the 1st quarter. QRG Capital Management Inc. now owns 25,673 shares of the real estate investment trust’s stock valued at $376,000 after buying an additional 1,974 shares during the period. GraniteShares Advisors LLC raised its position in shares of PennyMac Mortgage Investment Trust by 6.4% in the 1st quarter. GraniteShares Advisors LLC now owns 208,116 shares of the real estate investment trust’s stock worth $3,049,000 after buying an additional 12,610 shares during the period. GAMMA Investing LLC boosted its holdings in PennyMac Mortgage Investment Trust by 204.0% in the first quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 1,363 shares during the last quarter. AlphaCore Capital LLC grew its position in PennyMac Mortgage Investment Trust by 54.4% during the fourth quarter. AlphaCore Capital LLC now owns 36,865 shares of the real estate investment trust’s stock valued at $479,000 after acquiring an additional 12,995 shares during the period. Finally, Mackenzie Financial Corp increased its stake in PennyMac Mortgage Investment Trust by 196.9% during the fourth quarter. Mackenzie Financial Corp now owns 40,267 shares of the real estate investment trust’s stock worth $507,000 after acquiring an additional 26,703 shares during the last quarter. 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.