Key Points
- Insider sale: CAO Gregory Hendry sold 2,443 PMT shares for about $18,884 under a pre-arranged Rule 10b5-1 plan, reducing his reported ownership by 50%.
- Quarterly results: PMT reported EPS of $0.35, beating the $0.30 consensus estimate, while revenue of $36.24 million was below the $95.01 million estimate.
- Dividend and outlook: The trust’s annualized dividend is $1.60 per share, a stated yield of 19.4%; analysts’ consensus rating is Hold, with an average price target of $10.75.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,443 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $7.73, for a total value of $18,884.39. Following the transaction, the chief accounting officer owned 2,443 shares of the company's stock, valued at $18,884.39. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
PennyMac Mortgage Investment Trust Trading Up 4.5%
PMT stock opened at $8.24 on Thursday. PennyMac Mortgage Investment Trust has a one year low of $6.70 and a one year high of $13.81. The stock has a market cap of $718.88 million, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 0.68 and a beta of 1.21. The company has a fifty day moving average price of $8.19 and a two-hundred day moving average price of $10.37. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.73 and a quick ratio of 1.46.
PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.05. PennyMac Mortgage Investment Trust had a return on equity of 11.40% and a net margin of 29.15%. The business had revenue of $36.24 million during the quarter, compared to the consensus estimate of $95.01 million. Equities analysts anticipate that PennyMac Mortgage Investment Trust will post 0.67 EPS for the current year.
PennyMac Mortgage Investment Trust Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Investors 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 dividend on an annualized basis and a yield of 19.4%. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 347.83%.
Wall Street Analyst Weigh In
PMT has been the topic of several analyst reports. Weiss Ratings lowered PennyMac Mortgage Investment Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 price target for the company in a research note on Saturday, August 15th. UBS Group cut their price objective on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating for the company in a research report on Friday, August 21st. Piper Sandler reduced their price objective on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Friday, October 9th. Finally, Wells Fargo & Company reduced their price objective on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $10.75.
Get Our Latest Stock Analysis on PennyMac Mortgage Investment Trust
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in PMT. Corient Private Wealth LP acquired a new position in PennyMac Mortgage Investment Trust during the second quarter valued at approximately $1,651,000. Beach Point Capital Management LP bought a new stake in PennyMac Mortgage Investment Trust during the third quarter worth $6,702,000. Bank of America Corp DE bought a new stake in PennyMac Mortgage Investment Trust during the second quarter worth $4,549,000. Bank of New York Mellon Corp acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $6,137,000. Finally, Royal Bank of Canada boosted 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 in the last quarter. 67.38% of the stock is owned by institutional investors.
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 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.
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