Key Points
- Insider sale: CAO Gregory Hendry sold 2,444 PMT shares for approximately $19,210 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 33.34% to 4,886 shares.
- Financial performance and valuation: PMT opened at $7.80, near its 12-month low of $7.64, after reporting quarterly EPS of $0.23 versus the $0.30 consensus estimate and revenue of negative $46 million versus expectations of $93.93 million.
- Dividend and analyst view: The company declared a $0.40 quarterly dividend, implying a 20.5% yield, while analysts maintain a consensus “Hold” rating with an average price target of $11.50.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,444 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $7.86, for a total transaction of $19,209.84. Following the sale, the chief accounting officer owned 4,886 shares of the company's stock, valued at $38,403.96. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
PennyMac Mortgage Investment Trust Stock Up 0.5%
Shares of PMT stock opened at $7.80 on Friday. 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 12 month low of $7.64 and a 12 month high of $13.81. The stock has a market cap of $679.91 million, a P/E ratio of 5.49, a P/E/G ratio of 0.58 and a beta of 1.20. The company has a 50 day simple moving average of $9.18 and a two-hundred day simple moving average of $10.29.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $93.93 million. On average, 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 issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 20.5%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is currently 112.68%.
Analysts Set New Price Targets
Several research firms have issued reports on PMT. Wells Fargo & Company cut their price target on 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. UBS Group decreased their price objective on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating on the stock in a research note on Friday, August 21st. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 price objective on the stock in a research report on Saturday, August 15th. Piper Sandler cut their price objective on 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. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, August 18th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has a consensus rating of "Hold" and an average price target of $11.50.
Get Our Latest Analysis on PMT
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 142.1% in the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock worth $25,000 after buying an additional 1,285 shares during the period. Wedbush Securities Inc. raised its holdings in PennyMac Mortgage Investment Trust by 1.6% during the second quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust's stock valued at $1,038,000 after acquiring an additional 1,469 shares during the period. Clearstead Advisors LLC raised its holdings 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 acquiring an additional 1,815 shares during the period. QRG Capital Management Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 17.0% in the first quarter. QRG Capital Management Inc. now owns 13,123 shares of the real estate investment trust's stock valued at $153,000 after acquiring an additional 1,905 shares in the last quarter. Finally, Maridea Wealth Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 4.8% in the first quarter. Maridea Wealth Management LLC now owns 43,430 shares of the real estate investment trust's stock valued at $506,000 after acquiring an additional 1,974 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.
PennyMac Mortgage Investment Trust Company Profile
(
Get Free Report)
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.
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