PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Quarterly Earnings Results

PennyMac Mortgage Investment Trust (NYSE:PMT) posted its earnings results on Thursday. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.05, FiscalAI reports. The company had revenue of $318.00 million for the quarter, compared to analyst estimates of $95.01 million. PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%.

PennyMac Mortgage Investment Trust Trading Up 1.2%

NYSE:PMT traded up $0.09 on Thursday, reaching $7.36. 2,783,922 shares of the company’s stock were exchanged, compared to its average volume of 1,492,547. The firm has a market capitalization of $641.36 million, a price-to-earnings ratio of 5.18, a price-to-earnings-growth ratio of 0.40 and a beta of 1.20. PennyMac Mortgage Investment Trust has a 52-week low of $6.70 and a 52-week high of $13.81. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 9.18. The business has a fifty day moving average of $8.35 and a 200-day moving average of $10.50.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th were given a $0.40 dividend. The ex-dividend date of this dividend was Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a yield of 21.8%. PennyMac Mortgage Investment Trust’s payout ratio is presently 112.68%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PMT shares. Wells Fargo & Company cut their price objective on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, July 31st. Zacks Research upgraded PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Citigroup reissued a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, October 15th. Citizens Jmp lowered their price objective on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating on the stock in a report on Thursday, October 15th. Finally, Weiss Ratings lowered PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, October 8th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.92.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. The company seeks to generate income through investments tied to the U.S. residential mortgage market, including credit-sensitive and interest-rate-sensitive assets.

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.