Wedbush Equities Analysts Decrease Earnings Estimates for PennyMac Mortgage Investment Trust (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT) – Investment analysts at Wedbush reduced their Q2 2024 EPS estimates for shares of PennyMac Mortgage Investment Trust in a research report issued to clients and investors on Monday, April 29th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings of $0.34 per share for the quarter, down from their prior forecast of $0.37. Wedbush currently has a “Neutral” rating and a $15.00 target price on the stock. The consensus estimate for PennyMac Mortgage Investment Trust’s current full-year earnings is $1.36 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q3 2024 earnings at $0.34 EPS.

PMT has been the topic of several other research reports. JMP Securities reissued a “market outperform” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft assumed coverage on PennyMac Mortgage Investment Trust in a report on Wednesday, January 10th. They issued a “hold” rating and a $15.00 price objective for the company. Finally, B. Riley lifted their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.75.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT stock opened at $14.34 on Wednesday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 9.56 and a beta of 1.48. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.28 and a current ratio of 0.34. The stock’s 50-day simple moving average is $14.11 and its 200-day simple moving average is $14.03. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.52 and a fifty-two week high of $15.89.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds have recently modified their holdings of PMT. Janney Montgomery Scott LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 12.4% in the first quarter. Janney Montgomery Scott LLC now owns 54,021 shares of the real estate investment trust’s stock valued at $793,000 after purchasing an additional 5,974 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in PennyMac Mortgage Investment Trust by 20.6% in the 1st quarter. BNP Paribas Financial Markets now owns 52,493 shares of the real estate investment trust’s stock valued at $771,000 after buying an additional 8,966 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 4.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust’s stock worth $9,443,000 after acquiring an additional 28,121 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of PennyMac Mortgage Investment Trust by 0.7% during the 1st quarter. Van ECK Associates Corp now owns 463,002 shares of the real estate investment trust’s stock worth $6,797,000 after acquiring an additional 3,192 shares during the period. Finally, New York State Teachers Retirement System boosted its position in shares of PennyMac Mortgage Investment Trust by 12.4% during the 1st quarter. New York State Teachers Retirement System now owns 142,899 shares of the real estate investment trust’s stock valued at $2,098,000 after acquiring an additional 15,753 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 7,810 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $14.34, for a total transaction of $111,995.40. Following the completion of the transaction, the director now owns 53,311 shares of the company’s stock, valued at $764,479.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.89% of the stock is currently owned by company insiders.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 11.16%. The ex-dividend date of this dividend was Thursday, April 11th. PennyMac Mortgage Investment Trust’s payout ratio is presently 106.67%.

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.