Boston Partners Buys New Shares in PennyMac Mortgage Investment Trust $PMT

Key Points

• Boston Partners made a new investment of approximately $14.81 million in PennyMac Mortgage Investment Trust, acquiring around 1,033,702 shares during the first quarter.
• PennyMac Mortgage Investment Trust reported a loss of ($0.04) earnings per share for the last quarter, significantly missing analysts' expectations of $0.35.
• The company has announced a quarterly dividend of $0.40, yielding an annualized dividend of 13.2%, although its payout ratio is high at 222.22%.

Boston Partners purchased a new stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,033,702 shares of the real estate investment trust's stock, valued at approximately $14,807,000. Boston Partners owned about 1.19% of PennyMac Mortgage Investment Trust as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PMT. Russell Investments Group Ltd. boosted its holdings in PennyMac Mortgage Investment Trust by 196.5% in the first quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock worth $48,000 after purchasing an additional 2,162 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in PennyMac Mortgage Investment Trust by 27.3% in the first quarter. Public Sector Pension Investment Board now owns 275,423 shares of the real estate investment trust's stock worth $4,035,000 after purchasing an additional 59,008 shares during the last quarter. Nuveen LLC purchased a new stake in PennyMac Mortgage Investment Trust in the first quarter worth approximately $3,713,000. Entropy Technologies LP purchased a new stake in PennyMac Mortgage Investment Trust in the first quarter worth approximately $259,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,525,689 shares of the real estate investment trust's stock worth $22,351,000 after purchasing an additional 5,295 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock traded down $0.0150 on Wednesday, hitting $12.1450. 169,972 shares of the company's stock were exchanged, compared to its average volume of 822,317. The company has a 50-day simple moving average of $12.51 and a 200-day simple moving average of $13.10. The stock has a market capitalization of $1.06 billion, a PE ratio of 16.87, a PEG ratio of 1.80 and a beta of 1.22. PennyMac Mortgage Investment Trust has a 1 year low of $11.70 and a 1 year high of $14.93. The company has a debt-to-equity ratio of 3.82, a quick ratio of 0.80 and a current ratio of 0.80.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.39). The business had revenue of $70.20 million for the quarter, compared to analysts' expectations of $95.46 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. As a group, equities analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, July 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 13.2%. PennyMac Mortgage Investment Trust's payout ratio is 222.22%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PMT. Wells Fargo & Company dropped their target price on shares of PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. Jones Trading restated a "hold" rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods cut shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $14.50 to $13.50 in a report on Friday, July 25th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $14.00.

About PennyMac Mortgage Investment Trust

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.