Wedbush Analysts Increase Earnings Estimates for PennyMac Mortgage Investment Trust (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMTFree Report) – Equities research analysts at Wedbush raised their Q1 2024 earnings per share (EPS) estimates for PennyMac Mortgage Investment Trust in a research note issued to investors on Monday, February 5th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $0.33 per share for the quarter, up from their previous forecast of $0.24. Wedbush currently has a “Neutral” rating and a $14.00 price target on the stock. The consensus estimate for PennyMac Mortgage Investment Trust’s current full-year earnings is $1.34 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q2 2024 earnings at $0.37 EPS, FY2024 earnings at $1.35 EPS and FY2025 earnings at $1.50 EPS.

Several other research analysts have also recently weighed in on PMT. Deutsche Bank Aktiengesellschaft assumed coverage on PennyMac Mortgage Investment Trust in a research report on Wednesday, January 10th. They issued a “hold” rating and a $15.00 price objective on the stock. B. Riley boosted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday. StockNews.com raised PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. Finally, UBS Group assumed coverage on PennyMac Mortgage Investment Trust in a research report on Wednesday, December 6th. They issued a “neutral” rating and a $13.50 price objective on the stock. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.58.

Get Our Latest Stock Report on PMT

PennyMac Mortgage Investment Trust Stock Up 0.1 %

Shares of NYSE:PMT opened at $13.56 on Wednesday. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 8.42 and a beta of 1.50. The company has a quick ratio of 0.31, a current ratio of 0.28 and a debt-to-equity ratio of 1.37. PennyMac Mortgage Investment Trust has a 12-month low of $10.52 and a 12-month high of $15.89. The business’s 50 day moving average is $14.77 and its 200 day moving average is $13.49.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, December 29th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.80%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 99.38%.

Insider Activity

In other news, Director Scott W. Carnahan sold 35,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $15.40, for a total transaction of $539,000.00. Following the transaction, the director now owns 18,055 shares of the company’s stock, valued at approximately $278,047. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.90% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in PMT. Squarepoint Ops LLC increased its stake in PennyMac Mortgage Investment Trust by 7.3% in the 4th quarter. Squarepoint Ops LLC now owns 11,926 shares of the real estate investment trust’s stock worth $148,000 after acquiring an additional 815 shares during the last quarter. ProShare Advisors LLC increased its stake in PennyMac Mortgage Investment Trust by 6.9% in the 2nd quarter. ProShare Advisors LLC now owns 13,786 shares of the real estate investment trust’s stock worth $186,000 after acquiring an additional 889 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in PennyMac Mortgage Investment Trust by 16.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 6,743 shares of the real estate investment trust’s stock worth $91,000 after acquiring an additional 974 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in PennyMac Mortgage Investment Trust by 3.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 32,427 shares of the real estate investment trust’s stock worth $548,000 after acquiring an additional 1,137 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in PennyMac Mortgage Investment Trust by 9.9% in the 1st quarter. Blair William & Co. IL now owns 12,741 shares of the real estate investment trust’s stock worth $157,000 after acquiring an additional 1,150 shares during the last quarter. 66.89% of the stock is currently owned by institutional investors.

About PennyMac Mortgage Investment Trust

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PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. It operates through four segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production, and Corporate. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.

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Earnings History and Estimates for PennyMac Mortgage Investment Trust (NYSE:PMT)

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