PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Earnings Results, Misses Estimates By $0.01 EPS

23 Oct 2024, 15:33 by Sarita Garza · The Markets Daily

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01), Yahoo Finance reports. The firm had revenue of $80.86 million during the quarter, compared to the consensus estimate of $93.75 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter in the previous year, the firm earned $0.51 EPS.

PennyMac Mortgage Investment Trust Price Performance

PMT stock traded down $0.12 during midday trading on Wednesday, hitting $13.55. The company’s stock had a trading volume of 177,196 shares, compared to its average volume of 726,479. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 9.05 and a beta of 1.51. The company has a 50 day moving average of $14.04 and a two-hundred day moving average of $13.98.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be paid a $0.40 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 11.81%. PennyMac Mortgage Investment Trust’s payout ratio is 105.96%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler lowered their target price on shares of 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. Wedbush reaffirmed a “neutral” rating and set a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. B. Riley reaffirmed 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. Keefe, Bruyette & Woods reduced their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Finally, JMP Securities upped their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.93.

Get Our Latest Research Report on PennyMac Mortgage Investment Trust

Insiders Place Their Bets

In other news, Director Doug Jones sold 37,010 shares of the 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 in the company, valued at approximately $688,087.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired 2,879 shares of company stock worth $39,028 in the last three months. 0.89% of the stock is owned by company insiders.

PennyMac Mortgage Investment Trust Company Profile

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