Boston Partners Makes New Investment 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 position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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.

Several other hedge funds have also recently added to or reduced their stakes in the company. Motiv8 Investments LLC lifted its stake in PennyMac Mortgage Investment Trust by 13.1% during the first quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust's stock worth $169,000 after purchasing an additional 1,333 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 1,363 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of PennyMac Mortgage Investment Trust by 8.3% in the 1st quarter. QRG Capital Management Inc. now owns 25,673 shares of the real estate investment trust's stock valued at $376,000 after acquiring an additional 1,974 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of PennyMac Mortgage Investment Trust by 196.5% in the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock valued at $48,000 after acquiring an additional 2,162 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 8.6% in the 4th quarter. Sterling Capital Management LLC now owns 31,534 shares of the real estate investment trust's stock valued at $397,000 after acquiring an additional 2,484 shares during the last quarter. Institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Trading Down 1.3%

NYSE:PMT traded down $0.1550 during mid-day trading on Thursday, reaching $12.0150. 80,968 shares of the company's stock traded hands, compared to its average volume of 819,015. PennyMac Mortgage Investment Trust has a 12-month low of $11.70 and a 12-month high of $14.93. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.98 and a beta of 1.22. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day moving average price of $12.50 and a 200-day moving average price of $13.10.

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

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 13.3%. The ex-dividend date was Friday, July 11th. PennyMac Mortgage Investment Trust's payout ratio is currently 222.22%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PMT shares. Jones Trading reissued a "hold" rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $14.50 to $13.50 in a research note on Friday, July 25th. Finally, Wells Fargo & Company lowered their target price on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has an average rating of "Hold" and a consensus price target of $14.00.

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.