According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “
A number of other analysts also recently weighed in on PMT. Piper Jaffray Companies set a $75.00 target price on shares of Ionis Pharmaceuticals and gave the company a hold rating in a research report on Friday, May 24th. Nomura decreased their target price on shares of Carnival from $66.00 to $61.00 and set a buy rating for the company in a research report on Wednesday, March 27th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $22.25.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.25. The business had revenue of $106.62 million during the quarter, compared to the consensus estimate of $89.10 million. PennyMac Mortgage Investment Trust had a net margin of 46.63% and a return on equity of 13.71%. During the same quarter in the prior year, the firm posted $0.35 EPS. As a group, research analysts expect that PennyMac Mortgage Investment Trust will post 2.06 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 30th. Stockholders of record on Monday, July 15th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 8.36%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 94.47%.
In other news, insider Jeffrey Grogin sold 1,862 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $18.69, for a total transaction of $34,800.78. Following the completion of the sale, the insider now owns 36,642 shares of the company’s stock, valued at approximately $684,838.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.45% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Valeo Financial Advisors LLC purchased a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter worth about $45,000. Crossmark Global Holdings Inc. increased its holdings in PennyMac Mortgage Investment Trust by 5.8% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 11,370 shares of the real estate investment trust’s stock worth $248,000 after acquiring an additional 620 shares during the last quarter. WINTON GROUP Ltd increased its holdings in PennyMac Mortgage Investment Trust by 24.1% in the 2nd quarter. WINTON GROUP Ltd now owns 63,771 shares of the real estate investment trust’s stock worth $1,392,000 after acquiring an additional 12,384 shares during the last quarter. Nordea Investment Management AB purchased a new stake in PennyMac Mortgage Investment Trust in the 1st quarter worth about $2,643,000. Finally, Marshall Wace North America L.P. purchased a new stake in PennyMac Mortgage Investment Trust in the 1st quarter worth about $414,000. 71.48% of the stock is owned by institutional investors.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).
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