Dana Investment Advisors Inc. Buys 123,890 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Dana Investment Advisors Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 40.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 427,941 shares of the real estate investment trust’s stock after purchasing an additional 123,890 shares during the quarter. Dana Investment Advisors Inc. owned 0.49% of PennyMac Mortgage Investment Trust worth $5,884,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cetera Investment Advisers raised its holdings in shares of PennyMac Mortgage Investment Trust by 2.2% in the second quarter. Cetera Investment Advisers now owns 72,125 shares of the real estate investment trust’s stock valued at $992,000 after purchasing an additional 1,553 shares during the last quarter. Truist Financial Corp bought a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $407,000. Mackenzie Financial Corp boosted its stake in shares of PennyMac Mortgage Investment Trust by 19.6% in the 2nd quarter. Mackenzie Financial Corp now owns 22,853 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 3,751 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of PennyMac Mortgage Investment Trust by 4.4% in the second quarter. The Manufacturers Life Insurance Company now owns 43,720 shares of the real estate investment trust’s stock valued at $601,000 after acquiring an additional 1,827 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of PennyMac Mortgage Investment Trust by 223.1% during the second quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock valued at $3,198,000 after acquiring an additional 160,595 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust 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 completion of the transaction, the director now directly 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 can be accessed through the SEC website. Insiders purchased 2,879 shares of company stock valued at $39,028 in the last quarter. 0.89% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Piper Sandler cut their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Keefe, Bruyette & Woods decreased their price objective on shares of 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. JMP Securities lifted their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. Finally, B. Riley reissued a “buy” rating and set a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT opened at $14.26 on Wednesday. The firm has a market capitalization of $1.24 billion, a PE ratio of 9.50 and a beta of 1.51. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. The company has a 50-day moving average price of $13.85 and a two-hundred day moving average price of $14.01. PennyMac Mortgage Investment Trust has a twelve month low of $10.52 and a twelve month high of $15.89.

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 analysts’ consensus estimates 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 business had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be paid a $0.40 dividend. The ex-dividend date 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%.

About PennyMac Mortgage Investment Trust

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.