PennyMac Mortgage Investment Trust (NYSE:PMT) Downgraded to Hold Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a moderate buy rating to a hold rating in a report issued on Thursday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Citizens Jmp cut their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 22nd. Piper Sandler cut their target price on PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Citigroup reissued an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 22nd. Wells Fargo & Company cut their target price on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust has an average rating of “Hold” and a consensus price target of $13.10.

PennyMac Mortgage Investment Trust Trading Down 0.7%

Shares of PMT opened at $11.01 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. PennyMac Mortgage Investment Trust has a 12-month low of $10.86 and a 12-month high of $13.81. The firm has a market capitalization of $959.64 million, a PE ratio of 9.57, a price-to-earnings-growth ratio of 0.54 and a beta of 1.19. The stock’s fifty day simple moving average is $11.82 and its 200-day simple moving average is $12.35.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The firm had revenue of $82.29 million for the quarter, compared to analyst estimates of $92.92 million. As a group, research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 24th. Shareholders of record on Thursday, April 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $1.60 annualized dividend and a yield of 14.5%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 139.13%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds have recently added to or reduced their stakes in PMT. Amalgamated Bank raised its position in shares of PennyMac Mortgage Investment Trust by 3.3% during the third quarter. Amalgamated Bank now owns 25,689 shares of the real estate investment trust’s stock worth $315,000 after purchasing an additional 831 shares during the period. Evergreen Capital Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 8.0% during the fourth quarter. Evergreen Capital Management LLC now owns 12,417 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 915 shares during the period. CWM LLC raised its position in shares of PennyMac Mortgage Investment Trust by 57.7% during the third quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 1,077 shares during the period. Collar Capital Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the fourth quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust’s stock worth $1,137,000 after purchasing an additional 1,100 shares during the period. Finally, Wedbush Securities Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 1.3% during the fourth quarter. Wedbush Securities Inc. now owns 90,310 shares of the real estate investment trust’s stock worth $1,133,000 after purchasing an additional 1,125 shares during the period. Institutional investors and hedge funds own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.