PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. trimmed its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,943 shares of the real estate investment trust’s stock after selling 4,435 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in PennyMac Mortgage Investment Trust were worth $2,419,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter worth $9,781,000. Wolverine Asset Management LLC increased its position in PennyMac Mortgage Investment Trust by 781.5% during the 2nd quarter. Wolverine Asset Management LLC now owns 224,113 shares of the real estate investment trust’s stock worth $3,082,000 after purchasing an additional 198,688 shares in the last quarter. Jane Street Group LLC raised its stake in PennyMac Mortgage Investment Trust by 124.7% in the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after purchasing an additional 161,723 shares during the last quarter. Millennium Management LLC lifted its holdings in PennyMac Mortgage Investment Trust by 223.1% in the 2nd quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock valued at $3,198,000 after purchasing an additional 160,595 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of PennyMac Mortgage Investment Trust by 34.4% during the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock worth $8,554,000 after purchasing an additional 159,131 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PMT shares. B. Riley reissued a “buy” rating and issued a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Piper Sandler reduced their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. JMP Securities lifted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. Wedbush reiterated a “neutral” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods lowered their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $14.26 on Wednesday. The business’s fifty day moving average price is $13.85 and its 200 day moving average price is $14.01. PennyMac Mortgage Investment Trust has a twelve month low of $10.52 and a twelve month high of $15.89. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $1.24 billion, a P/E ratio of 9.50 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. The firm had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. During the same period in the prior year, the firm earned $0.16 earnings per share. As a group, research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.27 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 25th. Shareholders of record on Friday, October 11th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 11.22%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 106.67%.

Insiders Place Their Bets

In other news, Director Doug Jones sold 37,010 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total value of $518,510.10. Following the transaction, the director now owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders acquired a total of 2,879 shares of company stock worth $39,028 over the last ninety days. 0.89% of the stock is owned by company insiders.

PennyMac Mortgage Investment Trust 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.