Key Points
- Insider sale: CAO Gregory Hendry sold 2,444 PennyMac shares for approximately $22,656 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 25.01% to 7,330 shares.
- Financial performance: PennyMac reported quarterly EPS of $0.23, below the $0.30 consensus estimate, while revenue was negative $46 million versus analyst expectations of $93.93 million.
- Dividend and outlook: The company declared a quarterly dividend of $0.40 per share, implying a 16.8% yield, but analysts maintain a consensus “Hold” rating with an $11.50 target price; shares recently opened at $9.51.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,444 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $9.27, for a total value of $22,655.88. Following the completion of the sale, the chief accounting officer owned 7,330 shares of the company's stock, valued at approximately $67,949.10. This trade represents a 25.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
PennyMac Mortgage Investment Trust Price Performance
Shares of NYSE PMT opened at $9.51 on Thursday. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market cap of $828.84 million, a PE ratio of 6.69, a P/E/G ratio of 0.69 and a beta of 1.14. The business has a 50-day simple moving average of $9.85 and a two-hundred day simple moving average of $10.80. PennyMac Mortgage Investment Trust has a fifty-two week low of $9.05 and a fifty-two week high of $13.81.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its quarterly earnings data 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). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The company had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. As a group, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current fiscal year.
PennyMac Mortgage Investment Trust Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders 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 16.8%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust's payout ratio is currently 112.68%.
Institutional Trading of PennyMac Mortgage Investment Trust
Several large investors have recently made changes to their positions in the business. Bessemer Group Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 142.1% in the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 1,285 shares during the period. Allworth Financial LP purchased a new position in shares of PennyMac Mortgage Investment Trust during the second quarter worth $33,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth $33,000. Clearstead Advisors LLC lifted its position in PennyMac Mortgage Investment Trust by 184.3% during the fourth quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 1,815 shares during the period. Finally, Nykredit A S acquired a new position in PennyMac Mortgage Investment Trust during the second quarter valued at $37,000. 67.38% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
PMT has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target 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. Weiss Ratings reissued a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft upgraded PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 target price for the company in a research note on Saturday, August 15th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Finally, Piper Sandler dropped their price target on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of "Hold" and a consensus target price of $11.50.
Read Our Latest Report on PennyMac Mortgage Investment Trust
About PennyMac Mortgage Investment Trust
(
Get Free Report)
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.
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