PennyMac Mortgage Investment Trust Sees Unusually High Options Volume (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT) was the target of unusually large options trading on Friday. Investors acquired 8,282 put options on the stock. This represents an increase of 2,024% compared to the average daily volume of 390 put options.

Wall Street Analyst Weigh In

PMT has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Citigroup reissued a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday. Wells Fargo & Company dropped their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Saturday, August 15th. Finally, UBS Group decreased their price target on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average target price of $10.92.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PMT. BlackRock Inc. bought a new position in PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $164,344,000. Royal Bank of Canada increased its holdings in PennyMac Mortgage Investment Trust by 1,469.4% during the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $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 shares of PennyMac Mortgage Investment Trust in the 2nd quarter worth $6,137,000. Principal Financial Group Inc. increased its stake in PennyMac Mortgage Investment Trust by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock valued at $4,932,000 after buying an additional 8,234 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of PennyMac Mortgage Investment Trust by 154.1% during the first quarter. Bank of America Corp DE now owns 412,512 shares of the real estate investment trust’s stock valued at $4,810,000 after acquiring an additional 250,160 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Trading Down 1.8%

NYSE:PMT traded down $0.12 during mid-day trading on Friday, hitting $6.93. 2,861,401 shares of the company’s stock were exchanged, compared to its average volume of 2,783,210. The company has a 50 day simple moving average of $8.74 and a 200-day simple moving average of $10.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 9.18. PennyMac Mortgage Investment Trust has a fifty-two week low of $6.80 and a fifty-two week high of $13.81. The firm has a market capitalization of $604.73 million, a P/E ratio of 4.88, a PEG ratio of 0.40 and a beta of 1.20.

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 analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $93.93 million. As a group, research analysts expect that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 23.1%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 112.68%.

About PennyMac Mortgage Investment Trust

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.