PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 12-Month Low After Earnings Miss

PennyMac Mortgage Investment Trust (NYSE:PMT) reached a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $9.38 and last traded at $9.4070, with a volume of 123445 shares traded. The stock had previously closed at $9.69.

The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07). The company had revenue of ($46.00) million for the quarter, compared to analysts’ expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 17.1%. PennyMac Mortgage Investment Trust’s payout ratio is currently 139.13%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PMT shares. Wall Street Zen downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Piper Sandler set a $10.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday. Wells Fargo & Company lowered their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Finally, Weiss Ratings cut shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.50.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 350.3% during the 4th quarter. Nuveen LLC now owns 927,864 shares of the real estate investment trust’s stock worth $11,645,000 after acquiring an additional 721,790 shares during the last quarter. Royal Bank of Canada grew its position in PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after acquiring an additional 601,233 shares during the last quarter. JPMorgan Chase & Co. grew its position in PennyMac Mortgage Investment Trust by 149.1% in the 4th quarter. JPMorgan Chase & Co. now owns 873,470 shares of the real estate investment trust’s stock valued at $10,962,000 after acquiring an additional 522,839 shares during the last quarter. SG Americas Securities LLC increased its stake in PennyMac Mortgage Investment Trust by 1,586.5% in the fourth quarter. SG Americas Securities LLC now owns 526,950 shares of the real estate investment trust’s stock worth $6,613,000 after purchasing an additional 495,704 shares during the period. Finally, Barclays PLC increased its stake in PennyMac Mortgage Investment Trust by 93.2% in the third quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock worth $12,169,000 after purchasing an additional 478,947 shares during the period. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

The firm has a market capitalization of $814.01 million, a P/E ratio of 8.12, a P/E/G ratio of 0.63 and a beta of 1.13. The firm has a 50-day moving average price of $10.25 and a two-hundred day moving average price of $11.41. The company has a debt-to-equity ratio of 7.99, a current ratio of 1.39 and a quick ratio of 1.39.

PennyMac Mortgage Investment Trust Company Profile

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.