Spinnaker Investment Group LLC Invests $506,000 in PennyMac Mortgage Investment Trust $PMT

Spinnaker Investment Group LLC acquired a new stake in PennyMac Mortgage Investment Trust (NYSE:PMT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,245 shares of the real estate investment trust’s stock, valued at approximately $506,000.

Several other large investors have also recently added to or reduced their stakes in PMT. Trust Co. of Vermont purchased a new position in PennyMac Mortgage Investment Trust in the 2nd quarter valued at approximately $25,000. Allworth Financial LP raised its stake in shares of PennyMac Mortgage Investment Trust by 1,741.7% in the second quarter. Allworth Financial LP now owns 2,118 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 2,003 shares in the last quarter. Signaturefd LLC raised its stake in shares of PennyMac Mortgage Investment Trust by 53.8% in the second quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 870 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in PennyMac Mortgage Investment Trust by 196.5% in the first quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 2,162 shares during the period. Finally, Sei Investments Co. purchased a new position in PennyMac Mortgage Investment Trust in the second quarter valued at $129,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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 target on the stock in a report on Thursday. Wells Fargo & Company assumed coverage on PennyMac Mortgage Investment Trust in a research report on Monday, August 25th. They set an “equal weight” rating and a $13.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday, December 15th. Zacks Research upgraded shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Finally, UBS Group boosted their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the stock a “neutral” rating in a report on Friday, October 24th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average target price of $13.88.

Insiders Place Their Bets

In other news, CEO David Spector acquired 10,000 shares of the company’s stock in a transaction on Monday, November 17th. The shares were bought at an average price of $12.40 per share, with a total value of $124,000.00. Following the completion of the acquisition, the chief executive officer owned 357,794 shares in the company, valued at $4,436,645.60. This trade represents a 2.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Catherine A. Lynch bought 2,823 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, September 22nd. The stock was purchased at an average cost of $12.02 per share, with a total value of $33,932.46. Following the completion of the acquisition, the director directly owned 54,711 shares in the company, valued at approximately $657,626.22. The trade was a 5.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 14,293 shares of company stock valued at $176,557. 0.92% of the stock is owned by corporate insiders.

PennyMac Mortgage Investment Trust Price Performance

PMT stock opened at $13.15 on Friday. The business has a 50 day moving average price of $12.44 and a 200 day moving average price of $12.42. 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 stock has a market cap of $1.14 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 2.15 and a beta of 1.28. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.60 and a fifty-two week high of $14.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $0.55 EPS for the quarter, beating the consensus estimate of $0.36 by $0.19. The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $97.91 million. PennyMac Mortgage Investment Trust had a net margin of 37.92% and a return on equity of 9.01%. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Friday, December 26th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 12.2%. The ex-dividend date is Friday, December 26th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 175.82%.

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.