Ieq Capital LLC Buys New Position in PennyMac Mortgage Investment Trust $PMT

Key Points

• Ieq Capital LLC has made a new investment of approximately $7.64 million in PennyMac Mortgage Investment Trust, acquiring 521,749 shares during the first quarter.
• PennyMac reported a loss of $0.04 per share for the last quarter, significantly missing analysts' expectations, with revenues of $70.20 million compared to estimates of $95.46 million.
• The firm announced a quarterly dividend of $0.40 per share, representing an annualized yield of 13.2%, and has a current dividend payout ratio of 222.22%.

Ieq Capital LLC acquired 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 Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 521,749 shares of the real estate investment trust's stock, valued at approximately $7,644,000. Ieq Capital LLC owned approximately 0.60% of PennyMac Mortgage Investment Trust at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in PennyMac Mortgage Investment Trust by 0.3% in the first quarter. Vanguard Group Inc. now owns 9,623,312 shares of the real estate investment trust's stock worth $140,982,000 after buying an additional 30,334 shares in the last quarter. Deutsche Bank AG boosted its stake in PennyMac Mortgage Investment Trust by 44.5% in the fourth quarter. Deutsche Bank AG now owns 77,555 shares of the real estate investment trust's stock worth $976,000 after buying an additional 23,874 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in PennyMac Mortgage Investment Trust in the fourth quarter worth approximately $1,300,000. Northern Trust Corp boosted its stake in PennyMac Mortgage Investment Trust by 28.6% in the fourth quarter. Northern Trust Corp now owns 1,145,336 shares of the real estate investment trust's stock worth $14,420,000 after buying an additional 254,581 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in PennyMac Mortgage Investment Trust by 4,354.2% in the first quarter. GAMMA Investing LLC now owns 29,754 shares of the real estate investment trust's stock worth $436,000 after buying an additional 29,086 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Trading Up 0.5%

Shares of NYSE:PMT traded up $0.06 during trading on Wednesday, reaching $12.19. 93,647 shares of the company traded hands, compared to its average volume of 809,453. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 3.01 and a beta of 1.30. PennyMac Mortgage Investment Trust has a 52-week low of $11.70 and a 52-week high of $14.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 3.82. The business's fifty day moving average is $12.45 and its 200-day moving average is $13.01.

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

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced 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 dividend yield of 13.1%. The ex-dividend date was Friday, July 11th. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 222.22%.

Analyst Upgrades and Downgrades

PMT has been the subject of several research reports. Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $14.50 to $13.50 in a research note on Friday, July 25th. Wells Fargo & Company initiated coverage on PennyMac Mortgage Investment Trust in a research note on Monday, August 25th. They issued an "equal weight" rating and a $13.00 target price for the company. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $14.00.

PennyMac Mortgage Investment Trust Company 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.