Royal Bank of Canada Purchases 601,233 Shares of PennyMac Mortgage Investment Trust $PMT

Royal Bank of Canada boosted its position in PennyMac Mortgage Investment Trust (NYSE:PMT) by 1,469.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 642,149 shares of the real estate investment trust’s stock after purchasing an additional 601,233 shares during the period. Royal Bank of Canada’s holdings in PennyMac Mortgage Investment Trust were worth $7,488,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PMT. Bessemer Group Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 142.1% during the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 1,285 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at approximately $33,000. Clearstead Advisors LLC raised its holdings in PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 1,815 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in PennyMac Mortgage Investment Trust during the 3rd quarter worth approximately $50,000. 67.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler dropped their price target on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Zacks Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and an average target price of $12.10.

PennyMac Mortgage Investment Trust Trading Down 2.8%

PMT opened at $9.38 on Tuesday. PennyMac Mortgage Investment Trust has a twelve month low of $9.05 and a twelve month high of $13.81. The company has a fifty day moving average of $10.09 and a 200-day moving average of $11.19. The stock has a market cap of $817.94 million, a PE ratio of 6.61, a price-to-earnings-growth ratio of 0.64 and a beta of 1.14. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 9.18.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). The firm had revenue of ($46.00) million during the quarter, compared to analyst estimates of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. On average, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.12 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 17.1%. The ex-dividend date of this dividend was Thursday, July 9th. PennyMac Mortgage Investment Trust’s payout ratio is currently 112.68%.

PennyMac Mortgage Investment Trust Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.