PennyMac Mortgage Investment Trust (PMT) Shares Down 5%
Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) dropped 5% on Tuesday . The stock traded as low as $15.88 and last traded at $16.04, with a volume of 1,342,531 shares traded. The stock had previously closed at $16.88.
PMT has been the topic of several recent research reports. Zacks Investment Research lowered PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. TheStreet raised PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, May 31st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $18.50 price target (up previously from $17.00) on shares of PennyMac Mortgage Investment Trust in a research note on Monday, June 13th. Bank of America Corp. lowered PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a research note on Tuesday. Finally, JMP Securities reaffirmed a “buy” rating on shares of PennyMac Mortgage Investment Trust in a research note on Saturday, June 4th. 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 stock. The stock currently has an average rating of “Hold” and an average target price of $16.29.
The company has a 50-day moving average price of $15.89 and a 200-day moving average price of $14.13. The firm has a market cap of $1.10 billion and a P/E ratio of 12.61.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.18. The business earned $54.40 million during the quarter, compared to analysts’ expectations of $30.22 million. During the same quarter last year, the company earned $0.09 EPS. The firm’s revenue for the quarter was up 33.7% on a year-over-year basis. On average, equities research analysts expect that PennyMac Mortgage Investment Trust will post $2.52 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 28th. Stockholders of record on Thursday, July 14th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, July 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 11.14%.
In other news, COO David Spector sold 17,250 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $14.87, for a total transaction of $256,507.50. Following the transaction, the chief operating officer now owns 300,871 shares in the company, valued at $4,473,951.77. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CIO Vandad Fartaj sold 3,500 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $14.84, for a total value of $51,940.00. Following the transaction, the executive now owns 92,751 shares in the company, valued at approximately $1,376,424.84. The disclosure for this sale can be found here.
An institutional investor recently raised its position in PennyMac Mortgage Investment Trust stock. Rhumbline Advisers boosted its position in PennyMac Mortgage Investment Trust (NYSE:PMT) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,512 shares of the company’s stock after buying an additional 3,760 shares during the period. Rhumbline Advisers owned 0.13% of PennyMac Mortgage Investment Trust worth $1,519,000 as of its most recent SEC filing.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.