AlphaCrest Capital Management LLC Trims Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

AlphaCrest Capital Management LLC cut its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) by 84.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,000 shares of the real estate investment trust’s stock after selling 173,742 shares during the period. AlphaCrest Capital Management LLC’s holdings in PennyMac Mortgage Investment Trust were worth $365,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PMT. Envestnet Asset Management Inc. purchased a new stake in PennyMac Mortgage Investment Trust in the first quarter worth $213,000. MAS Advisors LLC grew its stake in PennyMac Mortgage Investment Trust by 158.9% in the first quarter. MAS Advisors LLC now owns 53,037 shares of the real estate investment trust’s stock worth $895,000 after purchasing an additional 32,549 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in PennyMac Mortgage Investment Trust by 94.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 29,657 shares of the real estate investment trust’s stock worth $501,000 after purchasing an additional 14,379 shares during the period. Bank of New York Mellon Corp grew its stake in PennyMac Mortgage Investment Trust by 2.8% in the first quarter. Bank of New York Mellon Corp now owns 1,113,026 shares of the real estate investment trust’s stock worth $18,800,000 after purchasing an additional 30,302 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in PennyMac Mortgage Investment Trust by 3.6% in the first quarter. PNC Financial Services Group Inc. now owns 32,427 shares of the real estate investment trust’s stock worth $548,000 after purchasing an additional 1,137 shares during the period. 71.21% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other PennyMac Mortgage Investment Trust news, Director Marianne Sullivan purchased 9,900 shares of the stock in a transaction dated Tuesday, February 7th. The shares were purchased at an average cost of $14.00 per share, with a total value of $138,600.00. Following the completion of the acquisition, the director now directly owns 11,600 shares in the company, valued at approximately $162,400. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Marianne Sullivan bought 9,900 shares of the stock in a transaction on Tuesday, February 7th. The shares were bought at an average price of $14.00 per share, with a total value of $138,600.00. Following the completion of the acquisition, the director now owns 11,600 shares in the company, valued at $162,400. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Doug Jones sold 17,559 shares of the stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $13.51, for a total value of $237,222.09. Following the completion of the transaction, the insider now directly owns 66,547 shares in the company, valued at approximately $899,049.97. The disclosure for this sale can be found here. Insiders have sold a total of 20,765 shares of company stock valued at $279,988 over the last ninety days. 0.78% of the stock is currently owned by corporate insiders.

PennyMac Mortgage Investment Trust Trading Down 3.4 %

Shares of NYSE:PMT opened at $12.08 on Friday. The company has a market cap of $1.07 billion, a P/E ratio of -9.59 and a beta of 1.43. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.39 and a quick ratio of 0.39. PennyMac Mortgage Investment Trust has a 1 year low of $10.78 and a 1 year high of $17.24. The stock’s fifty day moving average price is $13.96 and its 200-day moving average price is $13.86.

Analyst Upgrades and Downgrades

PMT has been the topic of several recent research reports. BTIG Research cut PennyMac Mortgage Investment Trust from a “buy” rating to a “neutral” rating in a research note on Friday, February 17th. Jonestrading downgraded PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a report on Wednesday, November 30th. Piper Sandler downgraded PennyMac Mortgage Investment Trust from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $16.00 to $15.00 in a report on Monday, February 6th. They noted that the move was a valuation call. StockNews.com downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Friday. Finally, Barclays dropped their target price on PennyMac Mortgage Investment Trust from $18.00 to $14.00 in a report on Friday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.57.

PennyMac Mortgage Investment Trust Company Profile

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PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets.