According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “
Other analysts have also issued reports about the company. Piper Jaffray Companies set a $75.00 price objective on Ionis Pharmaceuticals and gave the stock a hold rating in a report on Friday, May 24th. Nomura decreased their price objective on Carnival from $66.00 to $61.00 and set a buy rating for the company in a report on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $22.25.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.25. The business had revenue of $106.62 million during the quarter, compared to analyst estimates of $89.10 million. PennyMac Mortgage Investment Trust had a return on equity of 13.71% and a net margin of 46.63%. During the same period in the previous year, the company posted $0.35 EPS. On average, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 2.06 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 30th. Shareholders of record on Monday, July 15th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 8.52%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 94.47%.
In other PennyMac Mortgage Investment Trust news, insider Jeffrey Grogin sold 1,862 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $18.69, for a total transaction of $34,800.78. Following the completion of the sale, the insider now directly owns 36,642 shares of the company’s stock, valued at approximately $684,838.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.45% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Metropolitan Life Insurance Co. NY boosted its stake in shares of PennyMac Mortgage Investment Trust by 332.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 20,097 shares of the real estate investment trust’s stock worth $374,000 after buying an additional 15,452 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of PennyMac Mortgage Investment Trust by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 43,587 shares of the real estate investment trust’s stock worth $812,000 after buying an additional 958 shares during the last quarter. Texas Permanent School Fund boosted its stake in shares of PennyMac Mortgage Investment Trust by 4.0% in the 4th quarter. Texas Permanent School Fund now owns 39,886 shares of the real estate investment trust’s stock worth $743,000 after buying an additional 1,535 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust in the 4th quarter worth approximately $651,000. Finally, Alpha Windward LLC purchased a new position in shares of PennyMac Mortgage Investment Trust in the 1st quarter worth approximately $490,000. 71.48% of the stock is owned by hedge funds and other institutional investors.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).
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