PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Gap Down After Earnings Miss

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $13.21, but opened at $12.71. PennyMac Mortgage Investment Trust shares last traded at $12.65, with a volume of 347,675 shares.

The real estate investment trust reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.39). The company had revenue of $44.47 million during the quarter, compared to the consensus estimate of $94.36 million. PennyMac Mortgage Investment Trust had a net margin of 48.17% and a return on equity of 11.48%. During the same quarter in the prior year, the business earned $0.39 EPS.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 12.96%. PennyMac Mortgage Investment Trust’s payout ratio is 120.30%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. UBS Group dropped their target price on shares of PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $15.50 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust currently has an average rating of “Moderate Buy” and an average target price of $14.83.

Insider Activity

In other news, Director Doug Jones sold 14,530 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $14.50, for a total value of $210,685.00. Following the transaction, the director now directly owns 64,082 shares in the company, valued at $929,189. This trade represents a 18.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rialto Wealth Management LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at $25,000. Wilmington Savings Fund Society FSB purchased a new stake in PennyMac Mortgage Investment Trust in the third quarter worth $28,000. Versant Capital Management Inc lifted its holdings in PennyMac Mortgage Investment Trust by 58.0% during the 4th quarter. Versant Capital Management Inc now owns 2,240 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 822 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 2,042.9% in the fourth quarter. Principal Securities Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 2,288 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 1,363 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Trading Down 6.5 %

The stock has a market capitalization of $1.07 billion, a P/E ratio of 9.29 and a beta of 1.17. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $13.95 and a 200 day moving average price of $13.51.

PennyMac Mortgage Investment Trust Company 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.