PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) issued its earnings results on Tuesday. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01), Yahoo Finance reports. The firm had revenue of $80.86 million during the quarter, compared to analyst estimates of $93.75 million. PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.86%. During the same quarter in the prior year, the firm posted $0.51 EPS.

PennyMac Mortgage Investment Trust Trading Up 2.0 %

Shares of NYSE PMT traded up $0.28 during mid-day trading on Thursday, hitting $13.80. The company’s stock had a trading volume of 1,043,754 shares, compared to its average volume of 732,666. PennyMac Mortgage Investment Trust has a one year low of $10.52 and a one year high of $15.89. The company’s fifty day simple moving average is $14.04 and its 200-day simple moving average is $13.97. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 10.14 and a beta of 1.51.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a yield of 11.60%. PennyMac Mortgage Investment Trust’s payout ratio is presently 117.65%.

Wall Street Analyst Weigh In

PMT has been the topic of several research analyst reports. Piper Sandler decreased their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. JMP Securities raised their price target on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Wedbush reissued a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Thursday. Keefe, Bruyette & Woods lowered their target price on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, July 25th. Finally, B. Riley reiterated a “buy” rating and set a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.93.

Insider Buying and Selling

In other news, Director Doug Jones sold 37,010 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total value of $518,510.10. Following the transaction, the director now directly owns 49,114 shares in the company, valued at $688,087.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 2,879 shares of company stock valued at $39,028 over the last ninety days. Insiders own 0.89% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.