Q3 2024 EPS Estimates for PennyMac Mortgage Investment Trust (NYSE:PMT) Lowered by Wedbush

PennyMac Mortgage Investment Trust (NYSE:PMT) – Equities researchers at Wedbush dropped their Q3 2024 earnings per share (EPS) estimates for PennyMac Mortgage Investment Trust in a research report issued to clients and investors on Thursday, October 10th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings of $0.32 per share for the quarter, down from their prior forecast of $0.33. Wedbush currently has a “Neutral” rating and a $15.00 target price on the stock. The consensus estimate for PennyMac Mortgage Investment Trust’s current full-year earnings is $1.28 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2024 earnings at $0.37 EPS.

Other research analysts have also recently issued research reports about the company. Piper Sandler reduced their price objective on 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 boosted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research note on Friday, July 19th. B. Riley restated a “buy” rating and set a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods reduced their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $13.92 on Monday. PennyMac Mortgage Investment Trust has a twelve month low of $10.52 and a twelve month high of $15.89. The stock has a market capitalization of $1.21 billion, a P/E ratio of 9.28 and a beta of 1.51. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. The business’s fifty day moving average price is $13.95 and its 200 day moving average price is $14.00.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. The firm had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. During the same quarter in the previous year, the business posted $0.16 EPS.

PennyMac Mortgage Investment Trust Dividend Announcement

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 issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 11.49%. The ex-dividend date is Friday, October 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 106.67%.

Insider Activity at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 37,010 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $688,087.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 2,879 shares of company stock valued at $39,028 over the last three months. 0.89% of the stock is owned by insiders.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its position in PennyMac Mortgage Investment Trust by 13.0% in the third quarter. Exchange Traded Concepts LLC now owns 70,100 shares of the real estate investment trust’s stock worth $1,000,000 after purchasing an additional 8,044 shares during the period. Inspire Investing LLC lifted its position in PennyMac Mortgage Investment Trust by 12.4% in the third quarter. Inspire Investing LLC now owns 28,724 shares of the real estate investment trust’s stock worth $410,000 after purchasing an additional 3,160 shares during the period. Handelsbanken Fonder AB lifted its position in PennyMac Mortgage Investment Trust by 26.1% in the third quarter. Handelsbanken Fonder AB now owns 32,811 shares of the real estate investment trust’s stock worth $468,000 after purchasing an additional 6,800 shares during the period. SG Americas Securities LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust during the 3rd quarter valued at $599,000. Finally, Dana Investment Advisors Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 40.7% during 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 acquiring an additional 123,890 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

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.