PennyMac Mortgage Investment Trust (NYSE:PMT) Stock: Insider Gregory Hendry Sells 2,443 Shares

PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Gregory Hendry sold 2,443 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $7.73, for a total value of $18,884.39. Following the completion of the sale, the chief accounting officer directly owned 2,443 shares in the company, valued at $18,884.39. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $8.22 on Friday. The company has a debt-to-equity ratio of 11.14, a current ratio of 1.60 and a quick ratio of 1.46. The firm has a market cap of $717.22 million, a price-to-earnings ratio of 6.79, a price-to-earnings-growth ratio of 0.72 and a beta of 1.21. The stock’s 50-day moving average is $8.17 and its 200-day moving average is $10.34. PennyMac Mortgage Investment Trust has a one year low of $6.70 and a one year high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.05. PennyMac Mortgage Investment Trust had a return on equity of 11.41% and a net margin of 29.15%. The business had revenue of $36.24 million during the quarter, compared to the consensus estimate of $95.01 million. Equities analysts predict that PennyMac Mortgage Investment Trust will post 0.67 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Thursday, October 8th were given a $0.40 dividend. The ex-dividend date of this dividend was Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a yield of 19.5%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 347.83%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PMT. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Weiss Ratings cut shares of PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, October 8th. Citizens Jmp lowered their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating on the stock in a report on Thursday, October 15th. UBS Group dropped their price target on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, August 21st. Finally, Citigroup reiterated a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.75.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $164,344,000. Royal Bank of Canada lifted its stake in shares of PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after purchasing an additional 601,233 shares during the period. Beach Point Capital Management LP purchased a new position in shares of PennyMac Mortgage Investment Trust in the 3rd quarter valued at approximately $6,702,000. Bank of New York Mellon Corp bought a new stake in shares of PennyMac Mortgage Investment Trust during the second quarter valued at approximately $6,137,000. Finally, Principal Financial Group Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 2.0% during the first quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock valued at $4,932,000 after purchasing an additional 8,234 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. The company seeks to generate income through investments tied to the U.S. residential mortgage market, including credit-sensitive and interest-rate-sensitive assets.

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.