Zacks Investment Research downgraded shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a hold rating to a sell rating in a report released on Wednesday.

According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “

Separately, BidaskClub upgraded shares of PennyMac Mortgage Investment Trust from a buy rating to a strong-buy rating in a research report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. PennyMac Mortgage Investment Trust currently has a consensus rating of Hold and a consensus price target of $17.46.

PennyMac Mortgage Investment Trust (NYSE PMT) opened at 17.34 on Wednesday. The company has a 50 day moving average price of $17.57 and a 200-day moving average price of $17.52. PennyMac Mortgage Investment Trust has a 52 week low of $14.28 and a 52 week high of $18.46. The company has a market capitalization of $1.16 billion, a P/E ratio of 10.36 and a beta of 0.52.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.05. PennyMac Mortgage Investment Trust had a net margin of 37.97% and a return on equity of 8.67%. The business had revenue of $83.96 million for the quarter, compared to analysts’ expectations of $80.12 million. During the same quarter in the previous year, the company earned ($0.08) earnings per share. The business’s quarterly revenue was up 76.4% on a year-over-year basis. On average, equities analysts anticipate that PennyMac Mortgage Investment Trust will post $1.68 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Stockholders of record on Thursday, July 13th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 10.84%. The ex-dividend date was Tuesday, July 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 109.94%.

In other news, CEO David Spector sold 8,235 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $17.59, for a total transaction of $144,853.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew S. Chang sold 1,937 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $17.64, for a total transaction of $34,168.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,626 shares of company stock valued at $222,229. Insiders own 1.80% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 0.3% in the second quarter. BlackRock Inc. now owns 6,319,656 shares of the real estate investment trust’s stock valued at $115,585,000 after buying an additional 17,300 shares during the period. Vanguard Group Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 0.9% in the second quarter. Vanguard Group Inc. now owns 5,236,924 shares of the real estate investment trust’s stock valued at $95,783,000 after buying an additional 49,187 shares during the period. Goldman Sachs Group Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 32.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,153,068 shares of the real estate investment trust’s stock valued at $55,967,000 after buying an additional 768,444 shares during the period. Thornburg Investment Management Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 0.6% in the first quarter. Thornburg Investment Management Inc. now owns 2,163,914 shares of the real estate investment trust’s stock valued at $38,409,000 after buying an additional 13,347 shares during the period. Finally, LSV Asset Management increased its position in shares of PennyMac Mortgage Investment Trust by 0.5% in the second quarter. LSV Asset Management now owns 1,676,536 shares of the real estate investment trust’s stock valued at $30,663,000 after buying an additional 8,500 shares during the period. 64.06% of the stock is owned by hedge funds and other institutional investors.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.

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