PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $22.83 Consensus Target Price from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has received an average recommendation of “Buy” from the nine research firms that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $22.83.

Several equities research analysts recently commented on PMT shares. Wedbush reiterated a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a report on Friday, July 26th. Bank of America started coverage on PennyMac Mortgage Investment Trust in a report on Monday, September 23rd. They set a “buy” rating and a $23.00 target price on the stock. Zacks Investment Research downgraded PennyMac Mortgage Investment Trust from a “strong-buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, Deutsche Bank began coverage on PennyMac Mortgage Investment Trust in a report on Friday, October 11th. They set a “buy” rating and a $24.00 target price on the stock.

A number of hedge funds have recently bought and sold shares of PMT. JPMorgan Chase & Co. increased its holdings in shares of PennyMac Mortgage Investment Trust by 676.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,008,688 shares of the real estate investment trust’s stock valued at $21,928,000 after acquiring an additional 878,819 shares during the last quarter. Citadel Advisors LLC boosted its position in PennyMac Mortgage Investment Trust by 38.3% during the 2nd quarter. Citadel Advisors LLC now owns 447,983 shares of the real estate investment trust’s stock valued at $9,779,000 after purchasing an additional 124,071 shares during the period. Panagora Asset Management Inc. boosted its position in PennyMac Mortgage Investment Trust by 435.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 109,190 shares of the real estate investment trust’s stock valued at $2,384,000 after purchasing an additional 88,790 shares during the period. Nuveen Asset Management LLC acquired a new position in PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $6,164,000. Finally, Kovack Advisors Inc. acquired a new position in PennyMac Mortgage Investment Trust during the 3rd quarter valued at approximately $240,000. Institutional investors own 61.93% of the company’s stock.

Shares of NYSE:PMT traded up $0.04 during mid-day trading on Tuesday, hitting $22.66. 391,149 shares of the company traded hands, compared to its average volume of 819,126. The firm has a market cap of $2.06 billion, a P/E ratio of 11.39, a PEG ratio of 1.91 and a beta of 0.59. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.56 and a current ratio of 0.56. PennyMac Mortgage Investment Trust has a 52-week low of $17.88 and a 52-week high of $23.35. The firm’s 50 day simple moving average is $22.56 and its 200 day simple moving average is $21.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.71 EPS for the quarter, beating the consensus estimate of $0.51 by $0.20. The business had revenue of $130.76 million for the quarter, compared to the consensus estimate of $116.95 million. PennyMac Mortgage Investment Trust had a return on equity of 13.38% and a net margin of 50.13%. During the same period last year, the business posted $0.62 EPS. Equities research analysts expect that PennyMac Mortgage Investment Trust will post 2.38 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Monday, October 14th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.88 annualized dividend and a yield of 8.30%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 94.47%.

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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Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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