Bank of New York Mellon Corp Acquires Shares of 544,097 PennyMac Mortgage Investment Trust $PMT

Key Points

• Bank of New York Mellon acquired 544,097 shares of PennyMac Mortgage Investment Trust, valued at approximately $6.14 million, giving it a 0.62% stake. Institutional investors collectively own 67.38% of PMT.
• Analysts have a generally cautious view, with PMT holding an average rating of “Hold” and an average price target of $11.50 after several firms lowered their targets; shares recently traded at $9.66.
• PMT reported quarterly EPS of $0.23, below the $0.30 consensus estimate, while maintaining a quarterly dividend of $0.40 per share, equivalent to a 16.6% annualized yield.

Bank of New York Mellon Corp acquired a new stake in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 544,097 shares of the real estate investment trust's stock, valued at approximately $6,137,000. Bank of New York Mellon Corp owned approximately 0.62% of PennyMac Mortgage Investment Trust as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PMT. AQR Capital Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust's stock valued at $237,000 after acquiring an additional 4,335 shares during the period. Jane Street Group LLC purchased a new stake in PennyMac Mortgage Investment Trust during the first quarter valued at about $4,166,000. Intech Investment Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock valued at $1,601,000 after purchasing an additional 1,411 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in PennyMac Mortgage Investment Trust by 4.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 441,547 shares of the real estate investment trust's stock worth $5,678,000 after purchasing an additional 19,389 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of PennyMac Mortgage Investment Trust by 49.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,861 shares of the real estate investment trust's stock valued at $63,000 after acquiring an additional 1,599 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PMT shares. Weiss Ratings restated a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, August 18th. Wells Fargo & Company dropped their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Friday, July 31st. Zacks Research cut PennyMac Mortgage Investment Trust from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 27th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Finally, Piper Sandler lowered their price objective on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $11.50.

PennyMac Mortgage Investment Trust Trading Up 0.3%

NYSE PMT opened at $9.66 on Friday. PennyMac Mortgage Investment Trust has a one year low of $9.05 and a one year high of $13.81. The firm has a 50 day simple moving average of $9.81 and a 200-day simple moving average of $10.77. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $842.35 million, a price-to-earnings ratio of 6.80, a PEG ratio of 0.71 and a beta of 1.14.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.07). The firm had revenue of ($46.00) million during the quarter, compared to analysts' expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 16.6%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust's payout ratio is currently 112.68%.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust NYSE: PMT is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor's mortgage servicing, underwriting and capital markets expertise.

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