Deutsche Bank Initiates Coverage on PennyMac Mortgage Investment Trust (NYSE:PMT)

Deutsche Bank began coverage on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research note published on Friday, BenzingaRatingsTable reports. The firm issued a buy rating and a $24.00 price objective on the real estate investment trust’s stock.

Several other brokerages have also issued reports on PMT. Bank of America assumed coverage on PennyMac Mortgage Investment Trust in a report on Monday, September 23rd. They set a buy rating and a $23.00 price objective for the company. Wedbush reiterated a neutral rating on shares of PennyMac Mortgage Investment Trust in a report on Friday, July 26th. Finally, Zacks Investment Research lowered PennyMac Mortgage Investment Trust from a buy rating to a hold rating in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $22.88.

Shares of NYSE:PMT traded up $0.17 during midday trading on Friday, hitting $22.37. 710,065 shares of the stock were exchanged, compared to its average volume of 932,454. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.43 and a current ratio of 0.43. PennyMac Mortgage Investment Trust has a 52-week low of $17.88 and a 52-week high of $22.74. The business’s fifty day simple moving average is $22.13 and its two-hundred day simple moving average is $21.64. The company has a market capitalization of $1.76 billion, a PE ratio of 9.54, a P/E/G ratio of 2.01 and a beta of 0.59.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.02. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.03%. The business had revenue of $96.40 million during the quarter, compared to analyst estimates of $104.95 million. During the same period last year, the company earned $0.70 earnings per share. As a group, equities analysts anticipate that PennyMac Mortgage Investment Trust will post 2.23 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, October 14th will be issued a dividend of $0.47 per share. The ex-dividend date is Thursday, October 10th. This represents a $1.88 annualized dividend and a yield of 8.40%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 94.47%.

A number of hedge funds and other institutional investors have recently bought and sold shares of PMT. BlackRock Inc. raised its holdings in PennyMac Mortgage Investment Trust by 15.4% during the second quarter. BlackRock Inc. now owns 12,767,858 shares of the real estate investment trust’s stock valued at $278,723,000 after buying an additional 1,705,455 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in PennyMac Mortgage Investment Trust by 676.7% during the second quarter. JPMorgan Chase & Co. now owns 1,008,688 shares of the real estate investment trust’s stock valued at $21,928,000 after buying an additional 878,819 shares in the last quarter. Vanguard Group Inc. raised its holdings in PennyMac Mortgage Investment Trust by 11.6% during the second quarter. Vanguard Group Inc. now owns 7,310,611 shares of the real estate investment trust’s stock valued at $159,590,000 after buying an additional 762,048 shares in the last quarter. Marshall Wace LLP bought a new position in PennyMac Mortgage Investment Trust during the first quarter valued at about $14,017,000. Finally, UBS Group AG raised its holdings in PennyMac Mortgage Investment Trust by 20.9% during the second quarter. UBS Group AG now owns 2,026,356 shares of the real estate investment trust’s stock valued at $44,235,000 after buying an additional 349,819 shares in the last quarter. Institutional investors own 71.22% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).

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