PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Quarterly Earnings Results

PennyMac Mortgage Investment Trust (NYSE:PMT) posted its earnings results on Tuesday. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.19, Zacks reports. The firm had revenue of $99.23 million for the quarter, compared to the consensus estimate of $97.91 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%.

PennyMac Mortgage Investment Trust Stock Down 1.2%

Shares of NYSE:PMT opened at $11.69 on Wednesday. The stock’s 50-day moving average price is $12.19 and its 200-day moving average price is $12.47. PennyMac Mortgage Investment Trust has a 12-month low of $11.60 and a 12-month high of $14.93. The stock has a market capitalization of $1.02 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 2.89 and a beta of 1.29. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 3.82.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Friday, October 10th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 13.7%. The ex-dividend date of this dividend is Friday, October 10th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 222.22%.

Analyst Ratings Changes

PMT has been the topic of several recent research reports. Zacks Research downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research report on Monday, September 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $14.50 to $13.50 in a research report on Friday, July 25th. Finally, Wells Fargo & Company assumed coverage on PennyMac Mortgage Investment Trust in a research report on Monday, August 25th. They issued an “equal weight” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of “Reduce” and an average target price of $14.00.

Insider Activity

In related news, Director Catherine A. Lynch acquired 2,823 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, September 22nd. The shares were purchased at an average cost of $12.02 per share, with a total value of $33,932.46. Following the completion of the purchase, the director owned 54,711 shares of the company’s stock, valued at $657,626.22. This represents a 5.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PennyMac Mortgage Investment Trust by 5.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,402,505 shares of the real estate investment trust’s stock worth $18,036,000 after purchasing an additional 67,404 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in PennyMac Mortgage Investment Trust by 4.6% in the second quarter. JPMorgan Chase & Co. now owns 441,547 shares of the real estate investment trust’s stock worth $5,678,000 after buying an additional 19,389 shares during the period. Public Sector Pension Investment Board lifted its holdings in PennyMac Mortgage Investment Trust by 7.7% in the second quarter. Public Sector Pension Investment Board now owns 296,655 shares of the real estate investment trust’s stock worth $3,815,000 after buying an additional 21,232 shares during the period. Jane Street Group LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the first quarter valued at approximately $4,166,000. Finally, Prevail Innovative Wealth Advisors LLC lifted its holdings in shares of PennyMac Mortgage Investment Trust by 189.9% during the second quarter. Prevail Innovative Wealth Advisors LLC now owns 183,004 shares of the real estate investment trust’s stock valued at $2,353,000 after purchasing an additional 119,884 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.