PennyMac Mortgage Investment Trust (NYSE:PMT) Stock: Insider Gregory Hendry Sells 2,443 Shares

PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry sold 2,443 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $7.73, for a total transaction of $18,884.39. Following the sale, the chief accounting officer directly owned 2,443 shares in the company, valued at $18,884.39. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Stock Up 4.5%

PMT traded up $0.35 during midday trading on Wednesday, reaching $8.24. The company’s stock had a trading volume of 3,427,244 shares, compared to its average volume of 1,539,174. PennyMac Mortgage Investment Trust has a 1 year low of $6.70 and a 1 year high of $13.81. The stock’s 50-day moving average is $8.21 and its 200-day moving average is $10.39. The firm has a market capitalization of $718.88 million, a price-to-earnings ratio of 17.92, a PEG ratio of 0.69 and a beta of 1.21. The company has a current ratio of 0.73, a quick ratio of 1.46 and a debt-to-equity ratio of 0.55.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its 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 net margin of 29.15% and a return on equity of 11.40%. The firm had revenue of $36.24 million during the quarter, compared to analyst estimates of $95.01 million. As a group, research analysts expect that PennyMac Mortgage Investment Trust will post 0.67 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a yield of 19.4%. The ex-dividend date of this dividend was Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 347.83%.

Analysts Set New Price Targets

PMT has been the subject of a number of recent research reports. Zacks Research upgraded PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Friday, October 16th. Citizens Jmp cut their target price on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating on the stock in a research note on Thursday, October 15th. Wells Fargo & Company cut 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 report on Wednesday. Piper Sandler reduced their price objective on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, October 9th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.75.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bessemer Group Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 142.1% during the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 1,285 shares in the last quarter. Allworth Financial LP bought a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter worth about $33,000. Nykredit A S bought a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter worth about $37,000. Public Employees Retirement System of Ohio purchased a new position in PennyMac Mortgage Investment Trust in the 2nd quarter worth about $38,000. Finally, State of Wyoming purchased a new position in PennyMac Mortgage Investment Trust in the 1st quarter worth about $67,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.