Wedbush Equities Analysts Lift Earnings Estimates for PMT

PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) - Investment analysts at Wedbush lifted their FY2024 earnings per share (EPS) estimates for shares of PennyMac Mortgage Investment Trust in a report released on Thursday, October 24th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings per share of $1.30 for the year, up from their previous estimate of $1.25. Wedbush has a "Neutral" rating and a $15.00 price objective on the stock. The consensus estimate for PennyMac Mortgage Investment Trust's current full-year earnings is $1.29 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust's Q4 2024 earnings at $0.38 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.50 EPS and FY2026 earnings at $1.65 EPS.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The business had revenue of $80.86 million for 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 last year, the business earned $0.51 earnings per share.

Several other equities research analysts have also recently issued reports on PMT. Keefe, Bruyette & Woods lowered their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an "outperform" rating on the stock in a report on Thursday, July 25th. 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. JMP Securities raised their price objective 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. Finally, Piper Sandler dropped their target price on shares of 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. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT traded down $0.19 during midday trading on Friday, reaching $13.60. 672,081 shares of the company's stock traded hands, compared to its average volume of 732,374. The company has a fifty day simple moving average of $14.04 and a two-hundred day simple moving average of $13.96. PennyMac Mortgage Investment Trust has a 1 year low of $10.62 and a 1 year high of $15.89. The company has a market cap of $1.18 billion, a P/E ratio of 9.07 and a beta of 1.51. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.33 and a current ratio of 0.33.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust's stock worth $10,895,000 after buying an additional 9,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in PennyMac Mortgage Investment Trust by 4.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust's stock worth $9,443,000 after acquiring an additional 28,121 shares in the last quarter. Van ECK Associates Corp increased its position in shares of PennyMac Mortgage Investment Trust by 34.4% in the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust's stock valued at $8,554,000 after purchasing an additional 159,131 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 40.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 427,941 shares of the real estate investment trust's stock valued at $5,884,000 after purchasing an additional 123,890 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 1,607.2% in the 3rd quarter. International Assets Investment Management LLC now owns 367,908 shares of the real estate investment trust's stock valued at $5,246,000 after purchasing an additional 346,358 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

Insider Transactions at PennyMac Mortgage Investment Trust

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 transaction of $518,510.10. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.89% of the company's stock.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 annualized dividend and a dividend yield of 11.76%. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 106.67%.

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.