PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Quarterly Earnings Results, Misses Expectations By $0.17 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.17), Zacks reports. PennyMac Mortgage Investment Trust had a net margin of 45.19% and a return on equity of 13.25%. The business had revenue of $71.20 million for the quarter, compared to analysts’ expectations of $90.26 million. During the same quarter in the prior year, the company posted $0.16 EPS.

PennyMac Mortgage Investment Trust Stock Performance

PMT traded down $1.15 during midday trading on Wednesday, hitting $13.32. 2,823,288 shares of the company were exchanged, compared to its average volume of 742,336. The company’s 50 day simple moving average is $13.99 and its 200 day simple moving average is $14.14. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 9.02 and a beta of 1.51. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 1.37. PennyMac Mortgage Investment Trust has a 1-year low of $10.52 and a 1-year high of $15.89.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 12.01%. The ex-dividend date of this dividend is Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 106.67%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Piper Sandler decreased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a report on Wednesday. Wedbush reissued a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and upped their target price for the company from $15.00 to $15.50 in a research report on Wednesday, July 10th. B. Riley reissued a “buy” rating and issued a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday. Finally, JMP Securities upped their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.00.

PennyMac Mortgage Investment Trust Company Profile

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.