PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 52-Week Low – Should You Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $10.23 and last traded at $10.3360, with a volume of 62056 shares changing hands. The stock had previously closed at $10.42.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PMT shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Citigroup reaffirmed an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Citizens Jmp dropped their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating for the company in a report on Thursday, January 22nd. Piper Sandler dropped their price objective on PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Finally, Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.10.

PennyMac Mortgage Investment Trust Price Performance

The stock has a market capitalization of $900.34 million, a P/E ratio of 8.99, a PEG ratio of 0.50 and a beta of 1.19. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 7.99. The company has a fifty day simple moving average of $11.60 and a two-hundred day simple moving average of $12.26.

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

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 24th. Stockholders of record on Thursday, April 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 15.5%. The ex-dividend date was Thursday, April 9th. PennyMac Mortgage Investment Trust’s payout ratio is presently 139.13%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors have recently modified their holdings of the stock. Amalgamated Bank grew its position in shares of PennyMac Mortgage Investment Trust by 3.3% during the 3rd quarter. Amalgamated Bank now owns 25,689 shares of the real estate investment trust’s stock worth $315,000 after buying an additional 831 shares during the period. Evergreen Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 8.0% during the 4th quarter. Evergreen Capital Management LLC now owns 12,417 shares of the real estate investment trust’s stock worth $161,000 after buying an additional 915 shares during the period. CWM LLC grew its position in shares of PennyMac Mortgage Investment Trust by 57.7% during the 3rd quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 1,077 shares during the period. Collar Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the 4th quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust’s stock worth $1,137,000 after buying an additional 1,100 shares during the period. Finally, Wedbush Securities Inc. grew its position in shares of PennyMac Mortgage Investment Trust by 1.3% during the 4th quarter. Wedbush Securities Inc. now owns 90,310 shares of the real estate investment trust’s stock worth $1,133,000 after buying an additional 1,125 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.