PennyMac Mortgage Investment Trust (NYSE:PMT) Issues Quarterly Earnings Results

23 Oct 2024, 10:47 by Doug Wharley · The Cerbat Gem

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01), Yahoo Finance reports. The business had revenue of $80.86 million for the quarter, compared to analysts’ expectations of $93.75 million. PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. During the same period in the previous year, the business posted $0.51 earnings per share.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT stock traded down $0.10 on Wednesday, reaching $13.57. The company’s stock had a trading volume of 104,318 shares, compared to its average volume of 726,123. The stock’s 50 day simple moving average is $14.04 and its 200-day simple moving average is $13.98. The company has a market capitalization of $1.18 billion, a P/E ratio of 9.05 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 12-month low of $10.52 and a 12-month high of $15.89. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 11.79%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 105.96%.

Insiders Place Their Bets

In related news, Director Doug Jones sold 37,010 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total transaction of $518,510.10. Following the transaction, the director now owns 49,114 shares of the company’s stock, valued at approximately $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 accessible through this link. Over the last ninety days, insiders have acquired 2,879 shares of company stock valued at $39,028. 0.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PMT. Keefe, Bruyette & Woods decreased their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Wedbush reaffirmed a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a report on Wednesday, July 24th. JMP Securities boosted their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Finally, B. Riley reiterated a “buy” rating and set a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.93.

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PennyMac Mortgage Investment Trust Company Profile

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