PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 1-Year Low - Time to Sell?

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $12.28 and last traded at $12.37, with a volume of 72007 shares. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated a "neutral" rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th. Three 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 stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.17.

PennyMac Mortgage Investment Trust Stock Performance

The company has a 50-day moving average of $13.20 and a 200-day moving average of $13.68. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 9.13 and a beta of 1.50. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.56.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. The business had revenue of $80.86 million for the quarter, compared to analyst estimates of $93.75 million. During the same period last year, the company posted $0.51 earnings per share. On average, equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, December 27th will be issued a $0.40 dividend. The ex-dividend date is Friday, December 27th. This represents a $1.60 dividend on an annualized basis and a yield of 12.89%. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 117.65%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors have recently made changes to their positions in the stock. K2 Principal Fund L.P. bought a new stake in PennyMac Mortgage Investment Trust in the 3rd quarter valued at about $5,841,000. International Assets Investment Management LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 1,607.2% in the third 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 during the period. Wolverine Asset Management LLC grew its holdings in PennyMac Mortgage Investment Trust by 105.8% in the 3rd quarter. Wolverine Asset Management LLC now owns 461,323 shares of the real estate investment trust's stock worth $6,578,000 after buying an additional 237,210 shares in the last quarter. Millennium Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 223.1% during the second quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust's stock valued at $3,198,000 after purchasing an additional 160,595 shares during the period. Finally, Dana Investment Advisors Inc. raised its stake in shares of PennyMac Mortgage Investment Trust by 40.7% during the second 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. 67.38% of the stock is owned by institutional investors.

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.