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Westbourne Investments Inc. Trims Stock Holdings in PennyMac Mortgage Investment Trust $PMT

PennyMac Mortgage Investment Trust logo with Finance background

Key Points

  • Westbourne Investments Inc. significantly reduced its holdings in PennyMac Mortgage Investment Trust ($PMT) by 74.2% during the second quarter, owning only 12,780 shares by the end of the quarter.
  • PennyMac reported a loss of ($0.04) in earnings per share for the last quarter, falling short of analyst expectations of $0.35.
  • The company announced a quarterly dividend of $0.40 per share, translating to an annual yield of 13.2%, despite a high dividend payout ratio of 222.22%.
  • Five stocks to consider instead of PennyMac Mortgage Investment Trust.

Westbourne Investments Inc. reduced its holdings in PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 74.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,780 shares of the real estate investment trust's stock after selling 36,700 shares during the quarter. Westbourne Investments Inc.'s holdings in PennyMac Mortgage Investment Trust were worth $164,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 1,363 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of PennyMac Mortgage Investment Trust by 196.5% in the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock valued at $48,000 after purchasing an additional 2,162 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of PennyMac Mortgage Investment Trust by 71.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,968 shares of the real estate investment trust's stock valued at $146,000 after purchasing an additional 4,147 shares during the period. Motiv8 Investments LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 13.1% in the 1st quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust's stock valued at $169,000 after purchasing an additional 1,333 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 36.7% in the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust's stock valued at $237,000 after purchasing an additional 4,335 shares during the period. 67.38% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Trading Down 0.9%

PMT traded down $0.12 during trading on Friday, hitting $12.08. 2,080,897 shares of the stock were exchanged, compared to its average volume of 613,858. The firm has a 50 day simple moving average of $12.27 and a 200 day simple moving average of $12.84. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 2.96 and a beta of 1.30. PennyMac Mortgage Investment Trust has a 1 year low of $11.70 and a 1 year high of $14.93. 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 (NYSE:PMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.35 by ($0.39). The firm had revenue of $70.20 million for the quarter, compared to analysts' expectations of $95.46 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. As a group, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.54 EPS 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 24th. Stockholders of record on Friday, October 10th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 13.3%. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is presently 222.22%.

Wall Street Analysts Forecast Growth

PMT has been the topic of a number of research analyst reports. Wells Fargo & Company began coverage on PennyMac Mortgage Investment Trust in a report on Monday, August 25th. They set an "equal weight" rating and a $13.00 price target on the stock. Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and cut their price target for the company from $14.50 to $13.50 in a report on Friday, July 25th. One 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 stock currently has an average rating of "Hold" and a consensus target price of $14.00.

Get Our Latest Stock Report on PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for PennyMac Mortgage Investment Trust (NYSE:PMT)

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