PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 1.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 142,592 shares of the real estate investment trust’s stock after selling 1,589 shares during the quarter. New York State Teachers Retirement System’s holdings in PennyMac Mortgage Investment Trust were worth $2,033,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. EntryPoint Capital LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 251.8% during the 1st quarter. EntryPoint Capital LLC now owns 7,007 shares of the real estate investment trust’s stock worth $103,000 after acquiring an additional 5,015 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 1st quarter valued at about $149,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 1st quarter valued at about $157,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at about $177,000. Finally, Caxton Associates LP acquired a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $232,000. 67.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PennyMac Mortgage Investment Trust

In related news, Director Doug Jones sold 37,010 shares of the firm’s 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 completion of the transaction, the director now directly owns 49,114 shares of the company’s stock, valued at $688,087.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.89% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PMT has been the subject of a number of recent research reports. Wedbush reaffirmed a “neutral” rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 24th. B. Riley reaffirmed a “buy” rating and set a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Piper Sandler decreased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Finally, JMP Securities increased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.93.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $13.43 on Friday. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 9.87 and a beta of 1.51. The stock has a 50 day simple moving average of $13.95 and a 200-day simple moving average of $13.96. PennyMac Mortgage Investment Trust has a 12-month low of $12.81 and a 12-month high of $15.89. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.56.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $80.86 million for the quarter, compared to analysts’ expectations of $93.75 million. PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. During the same period last year, the company posted $0.51 earnings per share. On average, equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.29 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 11.92%. The ex-dividend date of this dividend was Friday, October 11th. PennyMac Mortgage Investment Trust’s payout ratio is currently 117.65%.

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.