The Manufacturers Life Insurance Company Trims Stock Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

The Manufacturers Life Insurance Company cut its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 4.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,645 shares of the real estate investment trust’s stock after selling 1,777 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in PennyMac Mortgage Investment Trust were worth $512,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Rhumbline Advisers raised its holdings in shares of PennyMac Mortgage Investment Trust by 0.4% during the 4th quarter. Rhumbline Advisers now owns 264,702 shares of the real estate investment trust’s stock valued at $3,333,000 after buying an additional 1,001 shares during the period. Rialto Wealth Management LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at about $25,000. Principal Securities Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 2,042.9% during the 4th quarter. Principal Securities Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 2,288 shares during the period. Sterling Capital Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 8.6% during the 4th quarter. Sterling Capital Management LLC now owns 31,534 shares of the real estate investment trust’s stock valued at $397,000 after buying an additional 2,484 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods dropped their target price on PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an “outperform” rating on the stock in a report on Thursday, April 24th. UBS Group lowered their price objective on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Jones Trading restated a “hold” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 24th. Wells Fargo & Company lowered their price objective on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, May 2nd. Finally, JMP Securities restated a “market outperform” rating and set a $15.50 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 23rd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.50.

Insider Transactions at PennyMac Mortgage Investment Trust

In other news, Director Catherine A. Lynch bought 2,878 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was bought at an average price of $12.15 per share, for a total transaction of $34,967.70. Following the transaction, the director now owns 49,254 shares in the company, valued at $598,436.10. The trade was a 6.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Doug Jones sold 14,530 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred 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 completion of the transaction, the director now owns 64,082 shares of the company’s stock, valued at approximately $929,189. The trade was a 18.48% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT opened at $13.15 on Friday. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 9.88 and a beta of 1.32. The stock has a 50 day moving average of $13.43 and a 200-day moving average of $13.37. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.43. PennyMac Mortgage Investment Trust has a 52 week low of $11.77 and a 52 week high of $15.22.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.38 by ($0.39). The firm had revenue of $44.47 million during the quarter, compared to analyst estimates of $94.36 million. PennyMac Mortgage Investment Trust had a return on equity of 11.48% and a net margin of 48.17%. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were given a $0.40 dividend. The ex-dividend date was Friday, April 11th. This represents a $1.60 annualized dividend and a dividend yield of 12.17%. PennyMac Mortgage Investment Trust’s payout ratio is 172.04%.

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.