PennyMac Mortgage Investment Trust (NYSE:PMT) – Equities research analysts at Piper Jaffray Companies boosted their Q3 2019 EPS estimates for PennyMac Mortgage Investment Trust in a research note issued on Friday, August 2nd, according to Zacks Investment Research. Piper Jaffray Companies analyst K. Barker now expects that the real estate investment trust will post earnings per share of $0.55 for the quarter, up from their prior estimate of $0.45. Piper Jaffray Companies currently has a “Overweight” rating and a $23.00 price objective on the stock. Piper Jaffray Companies also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2019 earnings at $0.55 EPS, FY2019 earnings at $2.28 EPS, Q1 2020 earnings at $0.58 EPS, Q3 2020 earnings at $0.65 EPS and Q4 2020 earnings at $0.59 EPS.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.50 earnings per share for the quarter, topping the 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 the consensus estimate of $104.95 million. During the same period last year, the company earned $0.70 earnings per share.
Several other research firms also recently weighed in on PMT. Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “strong-buy” rating and set a $25.00 target price for the company in a research report on Wednesday, July 31st. Wedbush restated a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, July 26th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $22.25.
Shares of NYSE:PMT traded up $0.03 on Monday, hitting $21.94. 479,838 shares of the company’s stock were exchanged, compared to its average volume of 833,288. PennyMac Mortgage Investment Trust has a 12 month low of $17.88 and a 12 month high of $22.62. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.99 and a beta of 0.60. The business’s 50 day simple moving average is $22.04 and its two-hundred day simple moving average is $21.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.43 and a quick ratio of 0.43.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 30th. Stockholders of record on Monday, July 15th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.88 annualized dividend and a dividend yield of 8.57%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 94.47%.
In other news, insider Jeffrey Grogin sold 1,862 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $18.69, for a total transaction of $34,800.78. Following the transaction, the insider now owns 36,642 shares in the company, valued at $684,838.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.45% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its stake in shares of PennyMac Mortgage Investment Trust by 1.9% during the second quarter. Oregon Public Employees Retirement Fund now owns 26,906 shares of the real estate investment trust’s stock valued at $587,000 after buying an additional 500 shares during the period. Crossmark Global Holdings Inc. grew its stake in PennyMac Mortgage Investment Trust by 5.8% in the second quarter. Crossmark Global Holdings Inc. now owns 11,370 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 620 shares during the last quarter. 6 Meridian grew its stake in PennyMac Mortgage Investment Trust by 1.9% in the second quarter. 6 Meridian now owns 35,460 shares of the real estate investment trust’s stock valued at $774,000 after purchasing an additional 662 shares during the last quarter. Wedbush Securities Inc. grew its stake in PennyMac Mortgage Investment Trust by 2.8% in the second quarter. Wedbush Securities Inc. now owns 35,267 shares of the real estate investment trust’s stock valued at $770,000 after purchasing an additional 950 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in PennyMac Mortgage Investment Trust by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 43,587 shares of the real estate investment trust’s stock valued at $812,000 after purchasing an additional 958 shares during the last quarter. Hedge funds and other institutional investors own 66.11% of the company’s stock.
PennyMac Mortgage Investment Trust Company Profile
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).