PennyMac Mortgage Investment Trust (NYSE:PMT) Given New $16.00 Price Target at B. Riley

PennyMac Mortgage Investment Trust (NYSE:PMTGet Rating) had its price target raised by B. Riley from $15.00 to $16.00 in a report released on Monday, The Fly reports. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2022 earnings at $0.47 EPS, Q1 2023 earnings at $0.40 EPS, Q2 2023 earnings at $0.40 EPS, Q3 2023 earnings at $0.40 EPS, Q4 2023 earnings at $0.40 EPS and FY2023 earnings at $1.60 EPS.

Several other analysts have also commented on the company. StockNews.com began coverage on PennyMac Mortgage Investment Trust in a report on Wednesday, October 12th. They issued a sell rating for the company. Piper Sandler cut their price objective on PennyMac Mortgage Investment Trust from $18.00 to $15.50 and set an overweight rating for the company in a report on Friday, September 30th. JMP Securities cut their price objective on PennyMac Mortgage Investment Trust from $16.00 to $15.00 and set a market outperform rating for the company in a report on Thursday, October 20th. Finally, Credit Suisse Group cut their price target on PennyMac Mortgage Investment Trust to $15.00 in a report on Thursday, October 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $16.57.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT opened at $15.33 on Monday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.35. PennyMac Mortgage Investment Trust has a one year low of $10.78 and a one year high of $18.72. The business has a fifty day moving average of $13.37 and a 200 day moving average of $14.34.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 28th. Shareholders of record on Friday, October 14th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 12.26%. The ex-dividend date of this dividend was Thursday, October 13th. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently -127.89%.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, CEO David Spector acquired 20,000 shares of the stock in a transaction dated Thursday, September 8th. The shares were acquired at an average cost of $13.71 per share, for a total transaction of $274,200.00. Following the completion of the transaction, the chief executive officer now directly owns 232,574 shares of the company’s stock, valued at $3,188,589.54. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently made changes to their positions in the business. CWM LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 78.6% in the second quarter. CWM LLC now owns 1,918 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 844 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust in the second quarter valued at about $33,000. Rockefeller Capital Management L.P. lifted its position in shares of PennyMac Mortgage Investment Trust by 30.6% in the third quarter. Rockefeller Capital Management L.P. now owns 3,346 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 783 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 32.9% in the second quarter. Steward Partners Investment Advisory LLC now owns 4,850 shares of the real estate investment trust’s stock valued at $67,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Samalin Investment Counsel LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 119.9% in the first quarter. Samalin Investment Counsel LLC now owns 5,198 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 2,834 shares in the last quarter. 69.07% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Mortgage Investment Trust

(Get Rating)

PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. 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.

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