Vanguard Group Inc. Sells 235,836 Shares of PennyMac Mortgage Investment Trust $PMT

Key Points

• Vanguard trimmed its position in PennyMac Mortgage Investment Trust by 2.4% in Q3, selling 235,836 shares and leaving it with 9,427,043 shares (a 10.83% stake) valued at about $115.6 million.
• PennyMac pays a high dividend—$0.40 quarterly ($1.60 annualized), representing a 13.3% yield—but the payout ratio is elevated at 163.27%; the REIT also reported Q4 EPS of $0.48, beating estimates by $0.07.
• Analyst views are mixed: the consensus rating is an average "Hold" with a $13.75 target, although several firms (e.g., Keefe, Bruyette & Woods and Citigroup) have recently moved to "Outperform."

Vanguard Group Inc. cut its holdings in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 2.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,427,043 shares of the real estate investment trust's stock after selling 235,836 shares during the period. Vanguard Group Inc. owned 10.83% of PennyMac Mortgage Investment Trust worth $115,576,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its position in PennyMac Mortgage Investment Trust by 36.7% during the first quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust's stock worth $237,000 after acquiring an additional 4,335 shares during the period. Jane Street Group LLC bought a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter worth about $4,166,000. Intech Investment Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 1.3% during the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock valued at $1,601,000 after buying an additional 1,411 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of PennyMac Mortgage Investment Trust by 37.0% in the second quarter. Bank of Montreal Can now owns 18,816 shares of the real estate investment trust's stock valued at $242,000 after buying an additional 5,086 shares during the period. Finally, Bank of New York Mellon Corp grew its position in PennyMac Mortgage Investment Trust by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 709,370 shares of the real estate investment trust's stock worth $9,122,000 after buying an additional 28,206 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on PMT. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a "market perform" rating to an "outperform" rating and set a $13.50 price target for the company in a report on Thursday, December 18th. Weiss Ratings restated a "hold (c-)" rating on shares of PennyMac Mortgage Investment Trust in a research note on Monday, December 29th. Citigroup reiterated an "outperform" rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 22nd. Finally, Citizens Jmp lowered their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a "market outperform" rating on the stock in a report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $13.75.

PennyMac Mortgage Investment Trust Stock Down 0.5%

Shares of NYSE PMT opened at $12.00 on Thursday. PennyMac Mortgage Investment Trust has a 52-week low of $11.60 and a 52-week high of $14.93. The company has a debt-to-equity ratio of 6.55, a quick ratio of 1.12 and a current ratio of 1.12. The business has a fifty day moving average of $12.68 and a two-hundred day moving average of $12.49. The stock has a market cap of $1.04 billion, a PE ratio of 12.25, a PEG ratio of 1.00 and a beta of 1.25.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last announced its earnings results on Thursday, January 29th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.07. The business had revenue of $0.15 million during the quarter, compared to analysts' expectations of $96.96 million. PennyMac Mortgage Investment Trust had a net margin of 41.59% and a return on equity of 9.53%. As a group, equities research analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Friday, December 26th were given a $0.40 dividend. The ex-dividend date was Friday, December 26th. This represents a $1.60 annualized dividend and a yield of 13.3%. PennyMac Mortgage Investment Trust's payout ratio is presently 163.27%.

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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