Bank of New York Mellon Corp Sells 26,296 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Bank of New York Mellon Corp lessened its stake in PennyMac Mortgage Investment Trust (NYSE:PMT) by 3.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 681,164 shares of the real estate investment trust’s stock after selling 26,296 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.78% of PennyMac Mortgage Investment Trust worth $9,979,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Motiv8 Investments LLC boosted its position in PennyMac Mortgage Investment Trust by 13.1% during the 1st quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust’s stock valued at $169,000 after acquiring an additional 1,333 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 204.0% in the first quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 1,363 shares in the last quarter. QRG Capital Management Inc. lifted its stake in PennyMac Mortgage Investment Trust by 8.3% in the 1st quarter. QRG Capital Management Inc. now owns 25,673 shares of the real estate investment trust’s stock worth $376,000 after purchasing an additional 1,974 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 8.6% in the 4th quarter. Sterling Capital Management LLC now owns 31,534 shares of the real estate investment trust’s stock worth $397,000 after buying an additional 2,484 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter worth $36,000. 67.38% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

PMT stock opened at $12.50 on Tuesday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 2.75. The firm has a market cap of $1.09 billion, a PE ratio of 13.45, a P/E/G ratio of 1.43 and a beta of 1.24. The business has a 50 day moving average of $12.67 and a 200-day moving average of $13.17. PennyMac Mortgage Investment Trust has a 12-month low of $11.77 and a 12-month high of $14.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.39). PennyMac Mortgage Investment Trust had a net margin of 40.42% and a return on equity of 8.87%. The business had revenue of $44.47 million for the quarter, compared to the consensus estimate of $94.36 million. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 12.81%. The ex-dividend date is Friday, July 11th. PennyMac Mortgage Investment Trust’s payout ratio is currently 172.04%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, Director Catherine A. Lynch acquired 2,878 shares of PennyMac Mortgage Investment Trust stock in a transaction on Thursday, April 24th. The shares were acquired at an average price of $12.15 per share, with a total value of $34,967.70. Following the purchase, the director directly owned 49,254 shares in the company, valued at $598,436.10. The trade was a 6.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.92% of the company’s stock.

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.