PennyMac Mortgage Investment Trust (New York Stock Exchange: PMT – Get a rating) earned an average “Buy” recommendation from the ten brokerages that currently cover the business, Market assessments reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The 12-month average target price among brokerages that have covered the stock over the past year is $18.72.
PMT has been the subject of a number of recent research reports. Credit Suisse Group lowered its price target on PennyMac Mortgage Investment Trust to $17.00 and set a “neutral” rating for the company in a Thursday, May 19 research note. Jonestrading lowered its price target on PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a Friday May 6 research note. StockNews.com upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Wednesday. TheStreet downgraded PennyMac Mortgage Investment Trust from a “c-” rating to a “d” rating in a research note on Friday, May 6. Finally, JMP Securities cut its price target on PennyMac Mortgage Investment Trust from $22.00 to $18.00 and set a “market outperform” rating for the company in a Tuesday, April 26 research note.
A number of hedge funds have recently changed their positions in PMT. Invesco Ltd. increased its stake in PennyMac Mortgage Investment Trust by 98.7% during the fourth quarter. Invesco Ltd. now owns 2,230,488 shares of the real estate investment trust valued at $38,654,000 after purchasing an additional 1,107,783 shares last quarter. Norges Bank purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter at a value of $17,544,000. Greenwich Investment Management Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at $9,430,000. Goldman Sachs Group Inc. increased its holdings of PennyMac Mortgage Investment Trust shares by 6.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,022,501 shares of the real estate investment trust worth $87,040,000 after buying 305,375 additional shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings of PennyMac Mortgage Investment Trust shares by 866.9% during the fourth quarter. Renaissance Technologies LLC now owns 283,300 shares of the real estate investment trust worth $4,910,000 after purchasing an additional 254,000 shares in the last quarter. 70.77% of the shares are held by institutional investors and hedge funds.
PMT action opened at $12.40 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt ratio of 1.38. The company has a market capitalization of $1.21 billion, a P/E ratio of -16.99 and a beta of 1.10. PennyMac Mortgage Investment Trust has a 12 month minimum of $11.64 and a 12 month maximum of $21.53. The stock’s 50-day simple moving average is $15.40 and its 200-day simple moving average is $16.44.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 28. Investors of record on Thursday, July 14 will receive a dividend of $0.47 per share. The ex-date of this dividend is Wednesday, July 13. This represents an annualized dividend of $1.88 and a yield of 15.16%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently -257.53%.
About PennyMac Mortgage Investment Trust (Get a rating)
PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in mortgage-related assets in the United States. The Company’s Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate and subordinated non-agency bonds.
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