Legal & General Group Plc Buys Shares of 216,707 PennyMac Mortgage Investment Trust $PMT

Key Points

• Legal & General Group Plc acquired 216,707 shares of PennyMac Mortgage Investment Trust in the second quarter, valued at approximately $2.44 million. Institutional investors collectively own 67.38% of PMT.
• Analyst sentiment is cautious: PMT has a consensus “Hold” rating and an $11.50 price target, while several firms recently lowered targets or downgraded the stock to “Sell” or “Strong Sell.”
• PMT reported quarterly EPS of $0.23, below the $0.30 consensus estimate, but declared a $0.40 quarterly dividend, representing a 16.6% annualized yield and a payout ratio above 100%.

Legal & General Group Plc acquired a new stake in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 216,707 shares of the real estate investment trust's stock, valued at approximately $2,444,000. Legal & General Group Plc owned approximately 0.25% of PennyMac Mortgage Investment Trust at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Collar Capital Management LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 1.2% in the 4th quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust's stock valued at $1,137,000 after buying an additional 1,100 shares during the last quarter. Wedbush Securities Inc. lifted its stake in PennyMac Mortgage Investment Trust by 1.3% in the fourth quarter. Wedbush Securities Inc. now owns 90,310 shares of the real estate investment trust's stock valued at $1,133,000 after acquiring an additional 1,125 shares during the last quarter. Bessemer Group Inc. grew its position in shares of PennyMac Mortgage Investment Trust by 142.1% in the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 1,285 shares during the period. Intech Investment Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the 1st quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock valued at $1,601,000 after acquiring an additional 1,411 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 49.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,861 shares of the real estate investment trust's stock worth $63,000 after purchasing an additional 1,599 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Zacks Research cut shares of PennyMac Mortgage Investment Trust from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 27th. Piper Sandler decreased their target price on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Wells Fargo & Company decreased their price target on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Friday, July 31st. Weiss Ratings restated a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. Finally, Wall Street Zen downgraded shares of PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of "Hold" and a consensus price target of $11.50.

PennyMac Mortgage Investment Trust Stock Up 0.3%

PMT stock opened at $9.66 on Friday. PennyMac Mortgage Investment Trust has a fifty-two week low of $9.05 and a fifty-two week high of $13.81. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $842.35 million, a price-to-earnings ratio of 6.80, a PEG ratio of 0.72 and a beta of 1.14. The business's fifty day moving average price is $9.81 and its two-hundred day moving average price is $10.77.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The business had revenue of ($46.00) million during the quarter, compared to analyst estimates of $93.93 million. On average, equities analysts anticipate that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a yield of 16.6%. PennyMac Mortgage Investment Trust's payout ratio is currently 112.68%.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust NYSE: PMT is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor's mortgage servicing, underwriting and capital markets expertise.

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