Geode Capital Management LLC recently announced the acquisition of new stake in Pennymac Mortgage Investment Trust (NYSE:PMT). The institutional investor has increased its shareholding in the Real Estate company by 4.04% to 1.81 million shares with purchase of 70264.0 shares. This fresh investment now brings its stake to 2.09% valued currently at $25.38 million. In addition, Vaughan Nelson Investment Managem raised its holdings by 0.28 million to 1.51 million shares. And Fuh Hwa Securities Investment Tru has lifted its position by 0.70% or 10227.0 shares – to 1.47 million shares.
With over 0.45 million Pennymac Mortgage Investment Trust (PMT) shares trading Friday and a closing price of $15.71 on the day, the dollar volume was approximately $7.09 million. Currently, there are 88.89M common shares owned by the public and among those 85.54M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for PMT have a consensus price objective of $14.07. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $12.50. The average price target is -11.66% below its recent price level and a downside to the estimated low will see the stock lose -25.68% over that period. But a downside of -4.73% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 210,116 shares. Insider sales of the common stock occurred on 24 occasions, with total insider shares sold totaling 69,487 shares.
The top 3 mutual fund holders in Pennymac Mortgage Investment Trust are iShares Core S&P Small Cap ETF, T Rowe Price Small Cap Value Fund, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 5.81 million shares of the company’s stock, all valued at over $81.53 million. The company bought an additional 3162.0 shares recently to bring their total holdings to about 6.70% of the shares outstanding. T Rowe Price Small Cap Value Fund sold 7900.0 shares to see its total holdings shrink to 3.73 million shares valued at over $52.39 million and representing 4.31% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 3.19% of the shares outstanding.
The company’s stock has a 5-day price change of 3.56% and 27.62% over the past three months. PMT shares are trading 26.80% year to date (YTD), with the 12-month market performance up to 16.20% higher. It has a 12-month low price of $10.52 and touched a high of $15.72 over the same period. PMT has an average intraday trading volume of 686.75K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.51%, 17.03%, and 23.17% respectively.
Institutional ownership of Pennymac Mortgage Investment Trust (NYSE: PMT) shares accounts for 69.58% of the company’s 88.89M shares outstanding. Mutual fund holders own 3.09%, while other institutional holders and individual stakeholders account for 46.76% and 22.85% respectively.
It has a market capitalization of $1.36B and a beta (3y monthly) value of 1.45. The stock’s trailing 12-month PE ratio is 14.18, while the earnings-per-share (ttm) stands at $1.11. The company has a PEG of 3.42 and the debt-to-equity ratio at 5.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.91% over the week and 1.89% over the month.
Analysts forecast that Pennymac Mortgage Investment Trust (PMT) will achieve an EPS of $0.34 for the current quarter, $0.32 for the next quarter and $1.38 for 2024. The lowest estimate earnings-per-share for the quarter is $0.25 while analysts give the company a high EPS estimate of $0.6. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 213.01%, and -4.12% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Pennymac Mortgage Investment Trust (PMT) as a “Moderate Buy” at a consensus score of 2.75. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 7 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PMT, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on December 06, 2023, with the firm’s price target at $13.50.
