Invesco Ltd. Sells 89,779 Shares of 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. lessened its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings 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 valued at $140,982,000 after purchasing an additional 30,334 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 valued at $22,351,000 after purchasing an additional 5,295 shares during the last quarter. Northern Trust Corp increased its holdings 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 valued at $14,420,000 after purchasing an additional 254,581 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in PennyMac Mortgage Investment Trust by 9.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 777,712 shares of the real estate investment trust's stock valued at $9,791,000 after purchasing an additional 66,371 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in PennyMac Mortgage Investment Trust by 5.5% in the fourth quarter. First Trust Advisors LP now owns 772,213 shares of the real estate investment trust's stock valued at $9,722,000 after purchasing an additional 40,270 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Trading Down 0.9%

Shares of PennyMac Mortgage Investment Trust stock traded down $0.11 during trading hours on Monday, hitting $12.25. The company's stock had a trading volume of 675,363 shares, compared to its average volume of 735,614. PennyMac Mortgage Investment Trust has a 12 month low of $11.70 and a 12 month high of $14.93. The stock has a 50 day moving average of $12.47 and a 200 day moving average of $13.06. The company has a market capitalization of $1.07 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 3.02 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.

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 the consensus estimate 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 business had revenue of $70.20 million during the quarter, compared to the consensus estimate of $95.46 million. 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. Shareholders of record on Friday, July 11th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 13.1%. The ex-dividend date was Friday, July 11th. PennyMac Mortgage Investment Trust's dividend payout ratio is 222.22%.

Analysts Set New Price Targets

A number of research firms recently commented on PMT. Wells Fargo & Company began coverage on PennyMac Mortgage Investment Trust in a report on Monday. They issued an "equal weight" rating and a $13.00 price objective for the company. Keefe, Bruyette & Woods downgraded 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 report on Friday, July 25th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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.