Invesco Ltd. Decreases Stock Position in PennyMac Mortgage Investment Trust $PMT

Key Points

• Invesco Ltd. has reduced its stake in PennyMac Mortgage Investment Trust by 4.1%, owning approximately 2,084,090 shares valued at about $30.5 million after selling 89,779 shares.
• Analysts have lowered price targets for PennyMac shares, with Wells Fargo reducing their target from $14.00 to $13.00, indicating a cautious outlook.
• PennyMac reported a quarterly earnings miss, with an earnings per share (EPS) of ($0.04), falling short of the consensus estimate of $0.35, and revenues also below expectations at $70.20 million.

Invesco Ltd. decreased its position in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,084,090 shares of the real estate investment trust's stock after selling 89,779 shares during the quarter. Invesco Ltd. owned about 2.40% of PennyMac Mortgage Investment Trust worth $30,532,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Motiv8 Investments LLC raised its stake in PennyMac Mortgage Investment Trust by 13.1% in the 1st quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust's stock valued at $169,000 after purchasing an additional 1,333 shares during the last quarter. GAMMA Investing LLC raised its stake in 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 purchasing an additional 1,363 shares during the last quarter. QRG Capital Management Inc. raised its stake in 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 purchasing an additional 1,974 shares during the last quarter. Guggenheim Capital LLC raised its stake in PennyMac Mortgage Investment Trust by 17.1% in the 4th quarter. Guggenheim Capital LLC now owns 26,115 shares of the real estate investment trust's stock valued at $329,000 after purchasing an additional 3,810 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of PennyMac Mortgage Investment Trust by 2.7% during the 4th quarter. Barclays PLC now owns 152,767 shares of the real estate investment trust's stock valued at $1,924,000 after acquiring an additional 4,033 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Trading Up 4.0%

Shares of NYSE:PMT traded up $0.4750 during trading on Friday, reaching $12.3650. 848,783 shares of the stock were exchanged, compared to its average volume of 757,529. 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 has a 12-month low of $11.70 and a 12-month high of $14.93. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 3.02 and a beta of 1.22. The firm's 50-day moving average price is $12.47 and its 200 day moving average price is $13.08.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its 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 return on equity of 7.68% and a net margin of 34.65%.The firm had revenue of $70.20 million for the quarter, compared to analysts' expectations of $95.46 million. On average, sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were issued 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 12.9%. PennyMac Mortgage Investment Trust's payout ratio is presently 222.22%.

Wall Street Analysts Forecast Growth

PMT has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods downgraded shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $14.50 to $13.50 in a research note on Friday, July 25th. Wells Fargo & Company dropped their price objective on shares of 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 investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.