Texas Permanent School Fund Corp Lowers Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

Texas Permanent School Fund Corp lowered its holdings in PennyMac Mortgage Investment Trust (NYSE:PMT) by 77.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,167 shares of the real estate investment trust’s stock after selling 58,645 shares during the period. Texas Permanent School Fund Corp’s holdings in PennyMac Mortgage Investment Trust were worth $236,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PMT. Norges Bank purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at about $9,781,000. Wolverine Asset Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 781.5% during the 2nd quarter. Wolverine Asset Management LLC now owns 224,113 shares of the real estate investment trust’s stock valued at $3,082,000 after buying an additional 198,688 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 124.7% during the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after buying an additional 161,723 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of PennyMac Mortgage Investment Trust by 34.4% during the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock valued at $8,554,000 after buying an additional 159,131 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 173.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after buying an additional 98,500 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. JMP Securities raised their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. B. Riley reissued a “buy” rating and set a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Finally, Piper Sandler decreased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.93.

Insider Transactions at PennyMac Mortgage Investment Trust

In other news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total value of $518,510.10. Following the sale, the director now directly owns 49,114 shares in the company, valued at approximately $688,087.14. The sale was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders have acquired 2,879 shares of company stock worth $39,028. 0.89% of the stock is currently owned by insiders.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $14.26 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.33 and a quick ratio of 0.33. The business’s 50 day simple moving average is $13.91 and its two-hundred day simple moving average is $14.01. The stock has a market capitalization of $1.24 billion, a P/E ratio of 9.51 and a beta of 1.51. PennyMac Mortgage Investment Trust has a one year low of $10.52 and a one year high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The company had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same period last year, the firm earned $0.16 earnings per share. Analysts forecast that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a $0.40 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.22%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 106.67%.

About PennyMac Mortgage Investment Trust

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.