PennyMac Mortgage Investment Trust $PMT Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 403,322 shares of PennyMac Mortgage Investment Trust in the second quarter, worth approximately $4.55 million and representing about 0.46% of PMT. Institutional investors and hedge funds collectively own 67.38% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.50. Recent target cuts from Wells Fargo, UBS, and Piper Sandler were partly offset by Deutsche Bank’s upgrade to “Buy.”
• PMT reported quarterly EPS of $0.23, below the $0.30 consensus estimate, while shares opened at $8.08 near their 52-week low. The company declared a $0.40 quarterly dividend, implying a 19.8% annualized yield, though its payout ratio exceeds 100%.

Bank of America Corp DE acquired a new stake in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 403,322 shares of the real estate investment trust's stock, valued at approximately $4,549,000. Bank of America Corp DE owned about 0.46% of PennyMac Mortgage Investment Trust as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Collar Capital Management LLC increased 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 acquiring an additional 1,100 shares during the last quarter. Bessemer Group Inc. increased its stake in PennyMac Mortgage Investment Trust by 142.1% during the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 1,285 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 184.3% during the fourth quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 1,815 shares during the period. QRG Capital Management Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 17.0% during the first quarter. QRG Capital Management Inc. now owns 13,123 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 1,905 shares during the period. Finally, Maridea Wealth Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 4.8% in the 1st quarter. Maridea Wealth Management LLC now owns 43,430 shares of the real estate investment trust's stock worth $506,000 after buying an additional 1,974 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PMT shares. Wells Fargo & Company lowered their price objective on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Friday, July 31st. UBS Group cut their target price on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating on the stock in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 target price for the company in a report on Saturday, August 15th. Weiss Ratings reiterated a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. Finally, Piper Sandler cut their price target 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. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of "Hold" and an average price target of $11.50.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT opened at $8.08 on Tuesday. The firm's 50 day moving average is $9.33 and its two-hundred day moving average is $10.39. The firm has a market capitalization of $704.92 million, a P/E ratio of 5.69, a PEG ratio of 0.62 and a beta of 1.14. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 9.18. PennyMac Mortgage Investment Trust has a 52 week low of $7.97 and a 52 week high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%.The business had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 19.8%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust's payout ratio is currently 112.68%.

PennyMac Mortgage Investment Trust Profile

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