Q2 2023 Earnings Forecast for PennyMac Mortgage Investment Trust (NYSE:PMT) Issued By Wedbush

Posted by Defense World Staff on May 4th, 2023

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) – Wedbush increased their Q2 2023 earnings estimates for shares of PennyMac Mortgage Investment Trust in a report released on Monday, May 1st. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings of $0.40 per share for the quarter, up from their previous estimate of $0.34. Wedbush has a “Neutral” rating on the stock. The consensus estimate for PennyMac Mortgage Investment Trust’s current full-year earnings is $1.55 per share. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q3 2023 earnings at $0.40 EPS, Q4 2023 earnings at $0.40 EPS, FY2023 earnings at $1.64 EPS and FY2024 earnings at $1.65 EPS.

Other analysts have also recently issued reports about the stock. JMP Securities lowered their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set an “outperform” rating for the company in a research note on Friday, April 21st. StockNews.com raised shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Tuesday. BTIG Research cut shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “neutral” rating in a research note on Friday, February 17th. Piper Sandler lowered their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 in a research note on Tuesday. Finally, Barclays lowered their price objective on shares of PennyMac Mortgage Investment Trust from $18.00 to $14.00 in a research note on Friday, January 6th. Six equities research analysts have rated the stock with a hold rating and two 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 $15.14.

PennyMac Mortgage Investment Trust Stock Down 0.4 %

Shares of NYSE PMT opened at $11.73 on Wednesday. PennyMac Mortgage Investment Trust has a 52-week low of $10.78 and a 52-week high of $16.60. The firm has a fifty day moving average of $12.22 and a 200-day moving average of $13.43. The stock has a market capitalization of $1.03 billion, a PE ratio of -26.66 and a beta of 1.44. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.38.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors have recently added to or reduced their stakes in PMT. Envestnet Asset Management Inc. acquired a new position in PennyMac Mortgage Investment Trust in the 1st quarter worth $213,000. MAS Advisors LLC increased its position in shares of PennyMac Mortgage Investment Trust by 158.9% in the 1st quarter. MAS Advisors LLC now owns 53,037 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 32,549 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 94.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 29,657 shares of the real estate investment trust’s stock worth $501,000 after purchasing an additional 14,379 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of PennyMac Mortgage Investment Trust by 2.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,113,026 shares of the real estate investment trust’s stock worth $18,800,000 after purchasing an additional 30,302 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 3.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 32,427 shares of the real estate investment trust’s stock worth $548,000 after purchasing an additional 1,137 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.

Insider Activity at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, Director Marianne Sullivan bought 9,900 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Tuesday, February 7th. The shares were acquired at an average price of $14.00 per share, for a total transaction of $138,600.00. Following the acquisition, the director now owns 11,600 shares of the company’s stock, valued at approximately $162,400. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, Director Marianne Sullivan acquired 9,900 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were purchased at an average price of $14.00 per share, for a total transaction of $138,600.00. Following the acquisition, the director now directly owns 11,600 shares of the company’s stock, valued at approximately $162,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Doug Jones sold 17,559 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $13.51, for a total transaction of $237,222.09. Following the completion of the transaction, the insider now owns 66,547 shares in the company, valued at approximately $899,049.97. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 13,731 shares of company stock worth $184,897 and have sold 20,765 shares worth $279,988. Company insiders own 0.78% of the company’s stock.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 28th. Investors of record on Friday, April 14th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, April 13th. This represents a $1.60 annualized dividend and a dividend yield of 13.64%. PennyMac Mortgage Investment Trust’s payout ratio is -363.64%.

About PennyMac Mortgage Investment Trust

(Get Rating)

PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets.