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 PennyMac Mortgage Investment Trust stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $9.27, for a total transaction of $22,655.88. Following the sale, the chief accounting officer owned 7,330 shares in the company, valued at approximately $67,949.10. The trade was a 25.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT stock traded up $0.27 during mid-day trading on Wednesday, hitting $9.51. The company had a trading volume of 889,078 shares, compared to its average volume of 1,272,299. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46. The stock’s 50 day moving average price is $9.86 and its 200-day moving average price is $10.82. PennyMac Mortgage Investment Trust has a 52-week low of $9.05 and a 52-week high of $13.81. The company has a market capitalization of $828.86 million, a P/E ratio of 6.69, a P/E/G ratio of 0.69 and a beta of 1.14.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its 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). The company had revenue of ($46.00) million for the quarter, compared to analysts’ expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. Equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 16.8%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 112.68%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter worth about $164,344,000. Invesco Ltd. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 8.8% in the 3rd quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock valued at $27,028,000 after acquiring an additional 178,834 shares during the last quarter. Geode Capital Management LLC grew its position in PennyMac Mortgage Investment Trust by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock worth $26,524,000 after acquiring an additional 11,764 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PennyMac Mortgage Investment Trust by 7.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock worth $18,405,000 after acquiring an additional 98,701 shares in the last quarter. Finally, Millennium Management LLC increased its stake in PennyMac Mortgage Investment Trust by 41.8% during the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock worth $16,418,000 after acquiring an additional 394,497 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PMT. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Wall Street Zen lowered PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Tuesday, August 18th. Finally, Wells Fargo & Company decreased their price objective on 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. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.50.

About PennyMac Mortgage Investment Trust

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.