B. Riley Boosts PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $16.00

PennyMac Mortgage Investment Trust (NYSE:PMTFree Report) had its price objective raised by B. Riley from $15.00 to $16.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q1 2024 earnings at $0.31 EPS, Q3 2024 earnings at $0.38 EPS, Q4 2024 earnings at $0.41 EPS, FY2024 earnings at $1.45 EPS, Q1 2025 earnings at $0.42 EPS, Q2 2025 earnings at $0.43 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.46 EPS and FY2025 earnings at $1.74 EPS.

A number of other equities analysts have also recently issued reports on the company. StockNews.com upgraded PennyMac Mortgage Investment Trust from a sell rating to a hold rating in a report on Friday, November 3rd. UBS Group initiated coverage on PennyMac Mortgage Investment Trust in a report on Wednesday, December 6th. They set a neutral rating and a $13.50 price target on the stock. Wedbush increased their price target on PennyMac Mortgage Investment Trust from $13.00 to $14.00 and gave the stock a neutral rating in a report on Monday, October 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on PennyMac Mortgage Investment Trust in a report on Wednesday, January 10th. They set a hold rating and a $15.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $14.58.

View Our Latest Report on PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $13.79 on Wednesday. The business’s 50 day simple moving average is $14.76 and its 200 day simple moving average is $13.49. PennyMac Mortgage Investment Trust has a one year low of $10.52 and a one year high of $15.89. The stock has a market capitalization of $1.19 billion, a PE ratio of 8.57 and a beta of 1.50. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.28 and a quick ratio of 0.31.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 26th. Investors of record on Friday, December 29th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 11.60%. The ex-dividend date was Thursday, December 28th. PennyMac Mortgage Investment Trust’s payout ratio is currently 99.38%.

Insider Activity

In other news, Director Scott W. Carnahan sold 35,000 shares of the firm’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 completion of the sale, the director now directly owns 18,055 shares of the company’s stock, valued at approximately $278,047. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently made changes to their positions in the business. Almitas Capital LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at $28,000. National Bank of Canada FI increased its holdings in PennyMac Mortgage Investment Trust by 94.9% in the 4th quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,603 shares during the last quarter. Federated Hermes Inc. increased its holdings in PennyMac Mortgage Investment Trust by 54.9% in the 3rd quarter. Federated Hermes Inc. now owns 3,641 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 1,291 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in PennyMac Mortgage Investment Trust by 53.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 5,650 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 1,961 shares during the last quarter. Finally, State of Wyoming increased its holdings in PennyMac Mortgage Investment Trust by 294.7% in the 4th quarter. State of Wyoming now owns 6,536 shares of the real estate investment trust’s stock worth $81,000 after acquiring an additional 4,880 shares during the last quarter. 66.89% of the stock is owned by hedge funds and other 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.

See Also

Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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