Brokerages Set PennyMac Mortgage Investment Trust (PMT) Target Price at $16.95

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have received an average recommendation of “Hold” from the ten analysts that are presently covering the company. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $16.95.

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $18.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday. Zacks Investment Research raised PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, April 5th. Credit Suisse Group AG raised their target price on PennyMac Mortgage Investment Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Tuesday, March 28th. Finally, Compass Point cut PennyMac Mortgage Investment Trust from a “buy” rating to a “neutral” rating in a research note on Monday, February 6th.

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In other news, Director Scott W. Carnahan sold 2,375 shares of the company’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $17.03, for a total transaction of $40,446.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew S. Chang sold 1,899 shares of the company’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $16.87, for a total value of $32,036.13. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,072 shares of company stock valued at $204,174. 1.80% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in PMT. BlackRock Fund Advisors increased its stake in shares of PennyMac Mortgage Investment Trust by 4.7% in the third quarter. BlackRock Fund Advisors now owns 3,382,760 shares of the real estate investment trust’s stock valued at $52,703,000 after buying an additional 151,596 shares in the last quarter. State Street Corp increased its stake in shares of PennyMac Mortgage Investment Trust by 2.8% in the fourth quarter. State Street Corp now owns 1,410,380 shares of the real estate investment trust’s stock valued at $23,085,000 after buying an additional 38,074 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 3.3% in the third quarter. Advisors Asset Management Inc. now owns 1,260,878 shares of the real estate investment trust’s stock valued at $19,644,000 after buying an additional 39,819 shares in the last quarter. Global X Management Co. LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 7.3% in the third quarter. Global X Management Co. LLC now owns 1,149,430 shares of the real estate investment trust’s stock valued at $17,908,000 after buying an additional 78,162 shares in the last quarter. Finally, Yorktown Management & Research Co Inc increased its stake in shares of PennyMac Mortgage Investment Trust by 133.6% in the third quarter. Yorktown Management & Research Co Inc now owns 1,112,900 shares of the real estate investment trust’s stock valued at $17,339,000 after buying an additional 636,400 shares in the last quarter. 61.17% of the stock is owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust (NYSE:PMT) traded up 0.34% during mid-day trading on Friday, reaching $17.64. 485,833 shares of the company’s stock traded hands. The stock has a market capitalization of $1.18 billion, a PE ratio of 16.35 and a beta of 0.62. The stock’s 50 day moving average is $17.27 and its 200-day moving average is $16.51. PennyMac Mortgage Investment Trust has a 52 week low of $12.99 and a 52 week high of $18.16.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Thursday, February 2nd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. PennyMac Mortgage Investment Trust had a return on equity of 5.51% and a net margin of 27.86%. The company earned $68.90 million during the quarter, compared to analysts’ expectations of $58.03 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. On average, equities analysts anticipate that PennyMac Mortgage Investment Trust will post $1.67 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 27th. Stockholders of record on Thursday, April 13th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 10.66%. The ex-dividend date is Tuesday, April 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 179.05%.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.

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