Westbourne Investments Inc. Sells 36,700 Shares of PennyMac Mortgage Investment Trust $PMT

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%.

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

A number of other institutional investors also recently modified their holdings of PMT. Boston Partners bought a new stake in PennyMac Mortgage Investment Trust during the 1st quarter worth $14,807,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PennyMac Mortgage Investment Trust by 71.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,335,101 shares of the real estate investment trust's stock worth $19,559,000 after acquiring an additional 557,389 shares during the last quarter. Ieq Capital LLC bought a new stake in PennyMac Mortgage Investment Trust during the 1st quarter worth $7,644,000. Jane Street Group LLC bought a new stake in PennyMac Mortgage Investment Trust during the 1st quarter worth $4,166,000. Finally, Nuveen LLC bought a new stake in PennyMac Mortgage Investment Trust during the 1st quarter worth $3,713,000. Institutional investors and hedge funds own 67.38% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PMT. Wells Fargo & Company began coverage on PennyMac Mortgage Investment Trust in a research report on Monday, August 25th. They set an "equal weight" rating and a $13.00 price objective on the stock. Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $14.50 to $13.50 in a research report on Friday, July 25th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $14.00.

PennyMac Mortgage Investment Trust Trading Down 0.6%

Shares of NYSE PMT traded down $0.07 during trading on Thursday, reaching $12.17. The company had a trading volume of 914,014 shares, compared to its average volume of 590,931. The company's fifty day moving average price is $12.28 and its 200-day moving average price is $12.86. PennyMac Mortgage Investment Trust has a 12 month low of $11.70 and a 12 month high of $14.93. The stock has a market cap of $1.06 billion, a P/E ratio of 16.90, a PEG ratio of 2.99 and a beta of 1.30. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 3.82.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.39). PennyMac Mortgage Investment Trust had a net margin of 34.65% and a return on equity of 7.68%. The company had revenue of $70.20 million during the quarter, compared to the consensus estimate of $95.46 million. As a group, research analysts expect 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 will be paid on Friday, October 24th. Investors of record on Friday, October 10th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, October 10th. This represents a $1.60 annualized dividend and a dividend yield of 13.1%. PennyMac Mortgage Investment Trust's dividend payout ratio is presently 222.22%.

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.