PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 1.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 536,805 shares of the real estate investment trust’s stock after selling 7,155 shares during the quarter. Principal Financial Group Inc. owned approximately 0.61% of PennyMac Mortgage Investment Trust worth $6,619,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Almitas Capital LLC purchased a new position in PennyMac Mortgage Investment Trust during the 4th quarter valued at about $28,000. Parallel Advisors LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 14,778.3% during the 4th quarter. Parallel Advisors LLC now owns 3,422 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 3,399 shares in the last quarter. Federated Hermes Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 54.9% during the 3rd quarter. Federated Hermes Inc. now owns 3,641 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 1,291 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of PennyMac Mortgage Investment Trust by 53.2% during the 1st quarter. Tower Research Capital LLC TRC now owns 5,650 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 1,961 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in PennyMac Mortgage Investment Trust by 575.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,769 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 4,915 shares in the last quarter. 66.89% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $13.41 on Friday. PennyMac Mortgage Investment Trust has a one year low of $10.78 and a one year high of $15.77. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 22.35 and a beta of 1.46. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.33 and a current ratio of 0.33. The company has a 50 day moving average price of $13.26 and a 200 day moving average price of $12.66.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.93%. The ex-dividend date was Thursday, July 13th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 266.67%.

Insider Buying and Selling

In other news, Director Scott W. Carnahan sold 6,704 shares of the company’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $13.23, for a total value of $88,693.92. Following the completion of the transaction, the director now directly owns 9,844 shares in the company, valued at $130,236.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PMT shares. TheStreet cut PennyMac Mortgage Investment Trust from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. JMP Securities upped their target price on shares of PennyMac Mortgage Investment Trust from $12.50 to $15.00 and gave the company an “outperform” rating in a report on Friday, July 21st. StockNews.com downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. B. Riley reduced their price objective on shares of PennyMac Mortgage Investment Trust from $16.00 to $15.00 in a research note on Tuesday, August 8th. Finally, Piper Sandler decreased their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.00 in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.83.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. It operates through four segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production, and Corporate. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.