Northern Trust Corp Has $16.30 Million Stock Position in PennyMac Mortgage Investment Trust $PMT

Key Points

• Northern Trust Corp has reduced its stake in PennyMac Mortgage Investment Trust by 2.8%, holding 1,112,800 shares worth approximately $16.3 million as of the latest quarter.
• Despite Northern Trust's decrease, several institutional investors, including GAMMA Investing LLC and PNC Financial Services Group Inc., significantly increased their investments in the company during the same period.
• PennyMac Mortgage Investment Trust recently reported a significant earnings miss, with EPS of ($0.04) compared to the consensus estimate of $0.35, leading to a revised average price target of $14.00 for the stock.

Northern Trust Corp lowered its position in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 2.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,112,800 shares of the real estate investment trust's stock after selling 32,536 shares during the quarter. Northern Trust Corp owned about 1.28% of PennyMac Mortgage Investment Trust worth $16,303,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Motiv8 Investments LLC boosted 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 buying an additional 1,333 shares during the period. GAMMA Investing LLC boosted its stake in PennyMac Mortgage Investment Trust by 204.0% during the first quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock worth $30,000 after buying an additional 1,363 shares during the period. QRG Capital Management Inc. boosted its stake in PennyMac Mortgage Investment Trust by 8.3% during the first quarter. QRG Capital Management Inc. now owns 25,673 shares of the real estate investment trust's stock worth $376,000 after buying an additional 1,974 shares during the period. Russell Investments Group Ltd. boosted its stake in PennyMac Mortgage Investment Trust by 196.5% during the first quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock worth $48,000 after buying an additional 2,162 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 71.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,968 shares of the real estate investment trust's stock worth $146,000 after purchasing an additional 4,147 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Stock Up 0.2%

PMT stock traded up $0.03 during midday trading on Friday, reaching $12.60. 516,725 shares of the company were exchanged, compared to its average volume of 595,223. 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 1-year low of $11.70 and a 1-year high of $14.93. The stock's 50-day simple moving average is $12.43 and its 200 day simple moving average is $12.99. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 3.08 and a beta of 1.30.

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 analyst estimates of $95.46 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. On average, equities analysts forecast 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 announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.60 dividend on an annualized basis and a yield of 12.7%. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is 222.22%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PMT shares. Wells Fargo & Company started coverage on shares of PennyMac Mortgage Investment Trust in a report on Monday, August 25th. They issued an "equal weight" rating and a $13.00 target price on the stock. Keefe, Bruyette & Woods cut shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and reduced their target price 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. According to data from MarketBeat, the company 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.