PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Sells $19,209.84 in Stock

PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry sold 2,444 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $7.86, for a total value of $19,209.84. Following the completion of the sale, the chief accounting officer owned 4,886 shares in the company, valued at $38,403.96. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Price Performance

NYSE PMT opened at $7.80 on Monday. The company has a market cap of $679.90 million, a PE ratio of 5.49, a price-to-earnings-growth ratio of 0.58 and a beta of 1.20. PennyMac Mortgage Investment Trust has a 52 week low of $7.64 and a 52 week high of $13.81. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 9.18. The firm’s 50-day simple moving average is $9.18 and its two-hundred day simple moving average is $10.28.

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). PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%.The business had revenue of ($46.00) million during the quarter, compared to analysts’ expectations of $93.93 million. Research analysts predict that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 20.5%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 112.68%.

Wall Street Analyst Weigh In

PMT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Saturday, August 15th. 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 research note on Friday, July 31st. Piper Sandler dropped their price objective on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. UBS Group cut their target price on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, August 18th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $11.50.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $164,344,000. Royal Bank of Canada raised its stake in PennyMac Mortgage Investment Trust by 1,469.4% in the first quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after purchasing an additional 601,233 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in PennyMac Mortgage Investment Trust during the second quarter valued at approximately $6,137,000. Principal Financial Group Inc. lifted its position in PennyMac Mortgage Investment Trust by 2.0% during the first quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock valued at $4,932,000 after purchasing an additional 8,234 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of PennyMac Mortgage Investment Trust by 154.1% in the 1st quarter. Bank of America Corp DE now owns 412,512 shares of the real estate investment trust’s stock worth $4,810,000 after buying an additional 250,160 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac’s activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.