PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry Sells 2,443 Shares of Company Stock

PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry sold 2,443 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $7.73, for a total transaction of $18,884.39. Following the completion of the sale, the chief accounting officer owned 2,443 shares in the company, valued at $18,884.39. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $8.24 on Thursday. The company’s fifty day simple moving average is $8.19 and its 200-day simple moving average is $10.37. The company has a quick ratio of 1.46, a current ratio of 0.73 and a debt-to-equity ratio of 0.55. The firm has a market cap of $718.88 million, a PE ratio of 17.92, a P/E/G ratio of 0.68 and a beta of 1.21. PennyMac Mortgage Investment Trust has a 12 month low of $6.70 and a 12 month high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Thursday, October 29th. The real estate investment trust reported $0.35 EPS for the quarter, topping the consensus estimate of $0.30 by $0.05. The business had revenue of $36.24 million during the quarter, compared to analysts’ expectations of $95.01 million. PennyMac Mortgage Investment Trust had a net margin of 29.15% and a return on equity of 11.40%. Equities research analysts expect that PennyMac Mortgage Investment Trust will post 0.67 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 19.4%. PennyMac Mortgage Investment Trust’s payout ratio is 347.83%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors have recently added to or reduced their stakes in PMT. BlackRock Inc. bought a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at about $164,344,000. Royal Bank of Canada raised its holdings in shares of PennyMac Mortgage Investment Trust by 1,469.4% in the 1st 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 during the period. Beach Point Capital Management LP bought a new stake in shares of PennyMac Mortgage Investment Trust in the 3rd quarter valued at about $6,702,000. Bank of New York Mellon Corp bought a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at about $6,137,000. Finally, Principal Financial Group Inc. lifted 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 purchasing an additional 8,234 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PMT. Zacks Research upgraded PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 16th. Wells Fargo & Company lowered their target price on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Wednesday. UBS Group dropped their target price on 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. Piper Sandler reduced their price target on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Finally, Citigroup reissued a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.75.

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 loans and mortgage-related assets. The company seeks to generate income through investments tied to the U.S. residential mortgage market, including credit-sensitive and interest-rate-sensitive assets.

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.