PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 52-Week High at $22.81

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) hit a new 52-week high during trading on Monday . The company traded as high as $22.81 and last traded at $22.81, with a volume of 13812 shares trading hands. The stock had previously closed at $22.50.

PMT has been the topic of a number of research reports. Bank of America initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Monday, September 23rd. They issued a “buy” rating and a $23.00 target price on the stock. Zacks Investment Research downgraded shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, October 8th. Wedbush reaffirmed a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a report on Friday, July 26th. Finally, Deutsche Bank began coverage on shares of PennyMac Mortgage Investment Trust in a report on Friday, October 11th. They set a “buy” rating and a $24.00 price target for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PennyMac Mortgage Investment Trust has an average rating of “Buy” and an average price target of $22.88.

The stock’s fifty day moving average is $22.18 and its two-hundred day moving average is $21.70. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 2.03 and a beta of 0.59. 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 (NYSE:PMT) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.02. The business had revenue of $96.40 million during the quarter, compared to analyst estimates of $104.95 million. PennyMac Mortgage Investment Trust had a net margin of 47.03% and a return on equity of 13.29%. During the same period last year, the business earned $0.70 EPS. Sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 2.23 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, October 14th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 8.25%. The ex-dividend date of this dividend is Thursday, October 10th. PennyMac Mortgage Investment Trust’s payout ratio is 94.47%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC grew its holdings in PennyMac Mortgage Investment Trust by 97.9% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 2,021 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 1,000 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in PennyMac Mortgage Investment Trust during the 2nd quarter worth $45,000. NEXT Financial Group Inc grew its holdings in PennyMac Mortgage Investment Trust by 334.0% during the 2nd quarter. NEXT Financial Group Inc now owns 2,756 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 2,121 shares in the last quarter. Signaturefd LLC grew its holdings in PennyMac Mortgage Investment Trust by 229.1% during the 2nd quarter. Signaturefd LLC now owns 2,873 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Point72 Hong Kong Ltd grew its holdings in PennyMac Mortgage Investment Trust by 2,028.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 6,001 shares of the real estate investment trust’s stock worth $131,000 after acquiring an additional 5,719 shares in the last quarter. 71.31% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Company Profile (NYSE:PMT)

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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