Westbourne Investments Inc. Takes $500,000 Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

Westbourne Investments Inc. acquired a new stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 39,700 shares of the real estate investment trust's stock, valued at approximately $500,000.

Several other hedge funds also recently bought and sold shares of PMT. Invesco Ltd. grew its stake in PennyMac Mortgage Investment Trust by 167.5% in the 4th quarter. Invesco Ltd. now owns 2,173,869 shares of the real estate investment trust's stock worth $27,369,000 after acquiring an additional 1,361,282 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in PennyMac Mortgage Investment Trust by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,520,394 shares of the real estate investment trust's stock valued at $19,142,000 after buying an additional 63,781 shares during the period. JPMorgan Chase & Co. raised its stake in PennyMac Mortgage Investment Trust by 1.5% in the third quarter. JPMorgan Chase & Co. now owns 1,219,206 shares of the real estate investment trust's stock worth $17,386,000 after buying an additional 18,122 shares in the last quarter. Northern Trust Corp boosted its position in PennyMac Mortgage Investment Trust by 28.6% during the 4th quarter. Northern Trust Corp now owns 1,145,336 shares of the real estate investment trust's stock valued at $14,420,000 after acquiring an additional 254,581 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of PennyMac Mortgage Investment Trust by 5.5% in the 4th quarter. First Trust Advisors LP now owns 772,213 shares of the real estate investment trust's stock valued at $9,722,000 after acquiring an additional 40,270 shares during the period. Institutional investors own 67.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JMP Securities reaffirmed a "market outperform" rating and set a $15.50 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lowered their price objective 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 reduced their target price on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Friday. UBS Group dropped their price target on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, Jones Trading reiterated a "hold" rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.50.

PennyMac Mortgage Investment Trust Stock Performance

PennyMac Mortgage Investment Trust stock traded down $0.13 during midday trading on Tuesday, hitting $12.70. 190,147 shares of the company were exchanged, compared to its average volume of 874,149. The business has a fifty day simple moving average of $13.73 and a two-hundred day simple moving average of $13.42. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.41 and a current ratio of 0.41. The firm has a market capitalization of $1.11 billion, a PE ratio of 9.55 and a beta of 1.32. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.77 and a fifty-two week high of $15.22.

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

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 12.60%. The ex-dividend date of this dividend was Friday, April 11th. PennyMac Mortgage Investment Trust's payout ratio is 172.04%.

Insider Activity

In related news, Director Catherine A. Lynch acquired 2,878 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were acquired at an average cost of $12.15 per share, with a total value of $34,967.70. Following the completion of the acquisition, the director now directly owns 49,254 shares in the company, valued at approximately $598,436.10. This trade represents 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 link. Also, Director Doug Jones sold 14,530 shares of the business's 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 sale, the director now owns 64,082 shares of the company's stock, valued at approximately $929,189. This trade represents a 18.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.

PennyMac Mortgage Investment Trust 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.