Vanguard Group Inc. Lowers Stake in PennyMac Mortgage Investment Trust $PMT

Vanguard Group Inc. lessened its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 1.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,274,157 shares of the real estate investment trust’s stock after selling 152,886 shares during the quarter. Vanguard Group Inc. owned about 10.66% of PennyMac Mortgage Investment Trust worth $116,391,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth about $26,000. GAMMA Investing LLC raised its holdings in PennyMac Mortgage Investment Trust by 102.8% in the fourth quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 1,395 shares in the last quarter. CWM LLC raised its holdings in PennyMac Mortgage Investment Trust by 57.7% in the third quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 1,077 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in PennyMac Mortgage Investment Trust by 200.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,000 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in PennyMac Mortgage Investment Trust in the third quarter valued at approximately $50,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Trading Down 2.7%

Shares of PMT stock opened at $10.49 on Wednesday. PennyMac Mortgage Investment Trust has a twelve month low of $10.46 and a twelve month high of $13.81. The company has a market capitalization of $914.82 million, a price-to-earnings ratio of 9.12, a PEG ratio of 0.52 and a beta of 1.19. The firm has a 50-day moving average price of $11.73 and a 200 day moving average price of $12.33. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 7.99.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The firm had revenue of $82.29 million during the quarter, compared to analyst estimates of $92.92 million. Research analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 24th. Shareholders of record on Thursday, April 9th were issued a $0.40 dividend. The ex-dividend date was Thursday, April 9th. This represents a $1.60 annualized dividend and a yield of 15.3%. PennyMac Mortgage Investment Trust’s payout ratio is 139.13%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PMT. Piper Sandler reduced their target price on shares of PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Wells Fargo & Company reduced their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Citizens Jmp reduced their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a report on Thursday, January 22nd. Citigroup reissued an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and an average price target of $13.10.

About PennyMac Mortgage Investment Trust

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.