PennyMac Mortgage Investment Trust (PMT) Sees Unusually-High Trading Volume
PennyMac Mortgage Investment Trust (NYSE:PMT) shares saw strong trading volume on Thursday . 696,250 shares changed hands during trading, an increase of 7% from the previous session’s volume of 650,761 shares.The stock last traded at $16.30 and had previously closed at $16.37.
Several analysts have issued reports on the company. Keefe, Bruyette & Woods restated a “buy” rating and set a $18.50 price objective (up previously from $17.00) on shares of PennyMac Mortgage Investment Trust in a research note on Monday, June 13th. JMP Securities reiterated a “buy” rating on shares of PennyMac Mortgage Investment Trust in a research report on Saturday, June 4th. Zacks Investment Research cut PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. Finally, TheStreet upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, May 31st. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average target price of $16.29.
The company has a market cap of $1.14 billion and a price-to-earnings ratio of 13.07. The firm has a 50 day moving average price of $15.84 and a 200 day moving average price of $14.15.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.18. During the same quarter in the prior year, the company posted $0.09 earnings per share. The firm earned $54.40 million during the quarter, compared to the consensus estimate of $30.22 million. The business’s revenue was up 33.7% compared to the same quarter last year. On average, equities analysts predict that PennyMac Mortgage Investment Trust will post $2.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 28th. Stockholders of record on Thursday, July 14th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 11.36%. The ex-dividend date is Tuesday, July 12th.
In other news, insider David M. Walker sold 1,862 shares of the firm’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $15.71, for a total value of $29,252.02. Following the sale, the insider now directly owns 73,703 shares of the company’s stock, valued at $1,157,874.13. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO David Spector sold 17,250 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $14.87, for a total value of $256,507.50. Following the completion of the sale, the chief operating officer now directly owns 300,871 shares in the company, valued at $4,473,951.77. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in PennyMac Mortgage Investment Trust stock. Advisors Asset Management Inc. raised its stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 61.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 965,821 shares of the company’s stock after buying an additional 367,424 shares during the period. Advisors Asset Management Inc. owned 1.31% of PennyMac Mortgage Investment Trust worth $14,738,000 at the end of the most recent quarter.
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. and its subsidiaries. It operates through two segments: correspondent production and investment activities.
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