AlphaCore Capital LLC Raises Stock Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

AlphaCore Capital LLC lifted its stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 54.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,865 shares of the real estate investment trust’s stock after acquiring an additional 12,995 shares during the quarter. AlphaCore Capital LLC’s holdings in PennyMac Mortgage Investment Trust were worth $479,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Rhumbline Advisers increased its position in shares of PennyMac Mortgage Investment Trust by 0.4% during the fourth quarter. Rhumbline Advisers now owns 264,702 shares of the real estate investment trust’s stock worth $3,333,000 after acquiring an additional 1,001 shares during the period. Rialto Wealth Management LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth approximately $25,000. Principal Securities Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 2,042.9% during the fourth quarter. Principal Securities Inc. now owns 2,400 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 2,288 shares during the period. Sterling Capital Management LLC increased its position in shares of PennyMac Mortgage Investment Trust by 8.6% during the fourth quarter. Sterling Capital Management LLC now owns 31,534 shares of the real estate investment trust’s stock worth $397,000 after acquiring an additional 2,484 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth approximately $36,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Jones Trading reissued a “hold” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 24th. UBS Group cut their price objective on shares of PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company cut their price objective on shares of PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.50.

Insider Activity

In related news, Director Catherine A. Lynch acquired 2,878 shares of the company’s stock in a transaction dated Thursday, April 24th. The shares were purchased at an average cost of $12.15 per share, with a total value of $34,967.70. Following the completion of the acquisition, the director now directly owns 49,254 shares of the company’s stock, valued at $598,436.10. This represents a 6.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Doug Jones sold 14,530 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $14.50, for a total transaction of $210,685.00. Following the sale, the director now directly owns 64,082 shares in the company, valued at $929,189. This trade represents a 18.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.

PennyMac Mortgage Investment Trust Price Performance

NYSE PMT opened at $12.25 on Friday. The firm’s fifty day simple moving average is $13.24 and its two-hundred day simple moving average is $13.34. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.43. PennyMac Mortgage Investment Trust has a 12-month low of $11.77 and a 12-month high of $14.98. The firm has a market capitalization of $1.07 billion, a P/E ratio of 9.21 and a beta of 1.32.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.39). PennyMac Mortgage Investment Trust had a return on equity of 11.48% and a net margin of 48.17%. The firm had revenue of $44.47 million during the quarter, compared to analysts’ expectations of $94.36 million. During the same period in the prior year, the firm posted $0.39 earnings per share. Analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 13.07%. The ex-dividend date of this dividend was Friday, April 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 172.04%.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.