PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) has earned an average recommendation of “Buy” from the ten brokerages that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $18.72.

PMT has been the subject of a number of recent research reports. Credit Suisse Group lowered their price objective on PennyMac Mortgage Investment Trust to $17.00 and set a “neutral” rating for the company in a research note on Thursday, May 19th. Jonestrading lowered their price objective on PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a research note on Friday, May 6th. StockNews.com upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Wednesday. TheStreet downgraded PennyMac Mortgage Investment Trust from a “c-” rating to a “d” rating in a research note on Friday, May 6th. Finally, JMP Securities decreased their price target on PennyMac Mortgage Investment Trust from $22.00 to $18.00 and set a “market outperform” rating for the company in a research note on Tuesday, April 26th.

A number of hedge funds have recently made changes to their positions in PMT. Invesco Ltd. boosted its stake in PennyMac Mortgage Investment Trust by 98.7% during the fourth quarter. Invesco Ltd. now owns 2,230,488 shares of the real estate investment trust’s stock valued at $38,654,000 after buying an additional 1,107,783 shares in the last quarter. Norges Bank purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at $17,544,000. Greenwich Investment Management Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at $9,430,000. Goldman Sachs Group Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 6.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,022,501 shares of the real estate investment trust’s stock valued at $87,040,000 after purchasing an additional 305,375 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of PennyMac Mortgage Investment Trust by 866.9% during the fourth quarter. Renaissance Technologies LLC now owns 283,300 shares of the real estate investment trust’s stock valued at $4,910,000 after purchasing an additional 254,000 shares during the last quarter. 70.77% of the stock is owned by institutional investors and hedge funds.

PMT stock opened at $12.40 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.38. The firm has a market cap of $1.21 billion, a P/E ratio of -16.99 and a beta of 1.10. PennyMac Mortgage Investment Trust has a 12-month low of $11.64 and a 12-month high of $21.53. The stock’s 50 day simple moving average is $15.40 and its 200 day simple moving average is $16.44.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 28th. Investors of record on Thursday, July 14th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $1.88 annualized dividend and a yield of 15.16%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently -257.53%.

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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