Beach Point Capital Management LP Makes New Investment in PennyMac Mortgage Investment Trust $PMT

Key Points

• Beach Point Capital Management acquired 850,483 shares of PennyMac Mortgage Investment Trust, worth approximately $6.7 million, making PMT its seventh-largest holding and representing about 0.98% of PMT’s shares.
• PMT shares opened at $6.92, near their 52-week low of $6.70, while institutional investors collectively own 67.38% of the company.
• The company declared a quarterly dividend of $0.40, or $1.60 annualized, implying a 23.1% yield; analysts maintain a consensus “Hold” rating with an average price target of $10.92.

Beach Point Capital Management LP acquired a new stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 850,483 shares of the real estate investment trust's stock, valued at approximately $6,702,000. PennyMac Mortgage Investment Trust accounts for approximately 2.9% of Beach Point Capital Management LP's holdings, making the stock its 7th largest position. Beach Point Capital Management LP owned approximately 0.98% of PennyMac Mortgage Investment Trust as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. SteelPeak Wealth LLC purchased a new position in PennyMac Mortgage Investment Trust in the 3rd quarter worth approximately $95,000. Fortitude Family Office LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 3rd quarter valued at $55,000. GAMMA Investing LLC raised its position in shares of PennyMac Mortgage Investment Trust by 77.2% during the 3rd quarter. GAMMA Investing LLC now owns 12,348 shares of the real estate investment trust's stock valued at $97,000 after buying an additional 5,379 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at $432,000. Finally, Nykredit A S purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at $37,000. Institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $6.92 on Wednesday. PennyMac Mortgage Investment Trust has a 52-week low of $6.70 and a 52-week high of $13.81. The stock has a market capitalization of $602.99 million, a price-to-earnings ratio of 4.75, a price-to-earnings-growth ratio of 0.38 and a beta of 1.20. The company has a fifty day moving average of $8.64 and a 200-day moving average of $9.93. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.07). The company had revenue of ($46.00) million for the quarter, compared to the consensus estimate 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 expect that PennyMac Mortgage Investment Trust will post 1.02 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be given a $0.40 dividend. The ex-dividend date is Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 23.1%. PennyMac Mortgage Investment Trust's payout ratio is presently 112.68%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PMT shares. Zacks Research raised shares of PennyMac Mortgage Investment Trust from a "strong sell" rating to a "hold" rating in a report on Friday, October 16th. UBS Group reduced their target price on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating on the stock in a research note on Friday, August 21st. Citizens Jmp lowered their price target on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a "market outperform" rating on the stock in a research report on Thursday, October 15th. Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, October 8th. Finally, Piper Sandler dropped their price target on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Friday, October 9th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.92.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust NYSE: PMT is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac's activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.

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