PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) issued its earnings results on Thursday. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07, Zacks reports. PennyMac Mortgage Investment Trust had a net margin of 37.92% and a return on equity of 9.01%.

PennyMac Mortgage Investment Trust Trading Up 0.1%

Shares of PennyMac Mortgage Investment Trust stock traded up $0.02 during trading hours on Thursday, hitting $13.50. The company’s stock had a trading volume of 1,171,616 shares, compared to its average volume of 1,193,909. The business has a fifty day moving average of $12.92 and a 200 day moving average of $12.48. PennyMac Mortgage Investment Trust has a 1-year low of $11.60 and a 1-year high of $14.93. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 4.72. The company has a market capitalization of $1.17 billion, a PE ratio of 14.84, a P/E/G ratio of 1.11 and a beta of 1.27.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Friday, December 26th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.9%. The ex-dividend date of this dividend was Friday, December 26th. PennyMac Mortgage Investment Trust’s payout ratio is 175.82%.

Insiders Place Their Bets

In related news, CEO David Spector bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average cost of $12.40 per share, for a total transaction of $124,000.00. Following the acquisition, the chief executive officer owned 357,794 shares in the company, valued at $4,436,645.60. This represents a 2.88% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its stake in shares of PennyMac Mortgage Investment Trust by 93.2% in the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after purchasing an additional 478,947 shares in the last quarter. Millennium Management LLC raised its stake in PennyMac Mortgage Investment Trust by 41.8% during the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after buying an additional 394,497 shares in the last quarter. Jane Street Group LLC bought a new position in PennyMac Mortgage Investment Trust during the 1st quarter worth approximately $4,166,000. Marshall Wace LLP grew its position in shares of PennyMac Mortgage Investment Trust by 48.4% in the 3rd quarter. Marshall Wace LLP now owns 869,015 shares of the real estate investment trust’s stock worth $10,654,000 after acquiring an additional 283,569 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of PennyMac Mortgage Investment Trust by 8.8% in the 3rd quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock worth $27,028,000 after acquiring an additional 178,834 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PMT has been the topic of several recent research reports. Keefe, Bruyette & Woods upgraded PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 price objective on the stock in a research report on Thursday, December 18th. UBS Group boosted their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Friday, October 24th. Citizens Jmp reduced their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a report on Thursday, January 22nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday, December 29th. Finally, Zacks Research raised shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.75.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.