Gregory Hendry Sells 2,444 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) Stock

PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry sold 2,444 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $9.37, for a total transaction of $22,900.28. Following the sale, the chief accounting officer directly owned 9,774 shares in the company, valued at $91,582.38. The trade was a 20.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Trading Down 0.9%

NYSE:PMT opened at $9.45 on Thursday. The company has a market cap of $823.80 million, a P/E ratio of 6.65, a P/E/G ratio of 0.63 and a beta of 1.14. The stock’s fifty day moving average price is $10.15 and its two-hundred day moving average price is $11.28. PennyMac Mortgage Investment Trust has a 1 year low of $9.05 and a 1 year high of $13.81. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.72 and a quick ratio of 1.39.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The company had revenue of ($46.00) million during the quarter, compared to analysts’ expectations of $93.93 million. As a group, analysts expect that PennyMac Mortgage Investment Trust will post 1.12 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Thursday, July 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 16.9%. The ex-dividend date of this dividend was Thursday, July 9th. PennyMac Mortgage Investment Trust’s payout ratio is presently 112.68%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Wells Fargo & Company decreased their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, July 31st. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Piper Sandler cut their price target on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PMT. Nuveen LLC raised its position in PennyMac Mortgage Investment Trust by 350.3% during the fourth quarter. Nuveen LLC now owns 927,864 shares of the real estate investment trust’s stock valued at $11,645,000 after purchasing an additional 721,790 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $7,488,000 after purchasing an additional 601,233 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 149.1% in the 4th quarter. JPMorgan Chase & Co. now owns 873,470 shares of the real estate investment trust’s stock worth $10,962,000 after purchasing an additional 522,839 shares in the last quarter. Barclays PLC increased its position in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after purchasing an additional 478,947 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of PennyMac Mortgage Investment Trust by 41.8% during the 3rd quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after purchasing an additional 394,497 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.