Raymond James & Associates Sells 3,751 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Raymond James & Associates lessened its position in PennyMac Mortgage Investment Trust (NYSE:PMT) by 8.3% in the 4th quarter, Holdings Channel reports. The firm owned 41,493 shares of the real estate investment trust’s stock after selling 3,751 shares during the period. Raymond James & Associates’ holdings in PennyMac Mortgage Investment Trust were worth $620,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Vaughan Nelson Investment Management L.P. boosted its holdings in PennyMac Mortgage Investment Trust by 23.2% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,507,911 shares of the real estate investment trust’s stock worth $18,698,000 after purchasing an additional 284,200 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 6.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,299,582 shares of the real estate investment trust’s stock worth $16,115,000 after purchasing an additional 78,311 shares during the last quarter. Invesco Ltd. boosted its holdings in PennyMac Mortgage Investment Trust by 2.8% during the third quarter. Invesco Ltd. now owns 1,213,989 shares of the real estate investment trust’s stock worth $15,053,000 after purchasing an additional 32,803 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PennyMac Mortgage Investment Trust by 4.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 646,236 shares of the real estate investment trust’s stock worth $8,013,000 after purchasing an additional 28,370 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in PennyMac Mortgage Investment Trust by 4.0% in the third quarter. Van ECK Associates Corp now owns 453,847 shares of the real estate investment trust’s stock valued at $5,628,000 after acquiring an additional 17,273 shares during the last quarter. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Price Performance

NYSE:PMT opened at $13.72 on Thursday. PennyMac Mortgage Investment Trust has a 52 week low of $10.52 and a 52 week high of $15.89. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 8.52 and a beta of 1.48. The firm’s 50-day simple moving average is $14.07 and its 200 day simple moving average is $13.95. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.28 and a current ratio of 0.28.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.66%. The ex-dividend date of this dividend is Thursday, April 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 99.38%.

Insider Buying and Selling

In related news, Director Doug Jones sold 7,810 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $14.34, for a total transaction of $111,995.40. Following the transaction, the director now directly owns 53,311 shares of the company’s stock, valued at $764,479.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PMT. B. Riley increased their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, January 10th. They issued a “hold” rating and a $15.00 price target for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.58.

PennyMac Mortgage Investment Trust Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.