Insider Selling: PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Sells 2,443 Shares of Stock

Key Points

• CAO Gregory Hendry sold 2,443 PMT shares at an average $7.73 each, for about $18,884; the pre-arranged Rule 10b5-1 sale cut his ownership by 50%, leaving him with 2,443 shares.
• PMT shares rose 4.5% to $8.24 in Wednesday trading. The trust reported quarterly EPS of $0.35, beating the $0.30 consensus estimate, despite revenue coming in below analysts’ expectations.
• Analysts’ consensus rating is Hold, with an average price target of $10.75. PMT recently paid a $0.40 quarterly dividend, equivalent to a 19.4% yield at the article’s cited share price.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,443 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $7.73, for a total value of $18,884.39. Following the completion of the transaction, the chief accounting officer directly owned 2,443 shares in the company, valued at $18,884.39. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Trading Up 4.5%

PMT stock traded up $0.35 during midday trading on Wednesday, hitting $8.24. The company had a trading volume of 3,427,244 shares, compared to its average volume of 1,539,174. The company has a current ratio of 0.73, a quick ratio of 1.46 and a debt-to-equity ratio of 0.55. PennyMac Mortgage Investment Trust has a 52 week low of $6.70 and a 52 week high of $13.81. The stock's 50 day moving average price is $8.21 and its 200 day moving average price is $10.39. The stock has a market cap of $718.88 million, a price-to-earnings ratio of 17.92, a PEG ratio of 0.69 and a beta of 1.21.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its earnings results on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.05. The firm had revenue of $36.24 million for the quarter, compared to analysts' expectations of $95.01 million. PennyMac Mortgage Investment Trust had a net margin of 29.15% and a return on equity of 11.40%. As a group, equities research analysts expect that PennyMac Mortgage Investment Trust will post 0.67 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 19.4%. The ex-dividend date was Thursday, October 8th. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 347.83%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PMT shares. UBS Group reduced their price target on 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. Weiss Ratings cut PennyMac Mortgage Investment Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, October 8th. Wells Fargo & Company cut their price objective on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a "hold" rating to a "buy" rating and set a $12.00 target price on the stock in a research note on Saturday, August 15th. Finally, Piper Sandler decreased their target price on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Friday, October 9th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $10.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PMT. Bessemer Group Inc. grew its stake in PennyMac Mortgage Investment Trust by 142.1% in the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 1,285 shares during the period. Allworth Financial LP bought a new position in PennyMac Mortgage Investment Trust in the second quarter worth $33,000. Nykredit A S bought a new position in PennyMac Mortgage Investment Trust in the second quarter worth $37,000. Public Employees Retirement System of Ohio purchased a new position in PennyMac Mortgage Investment Trust during the second quarter valued at $38,000. Finally, State of Wyoming purchased a new position in PennyMac Mortgage Investment Trust during the first quarter valued at $67,000. Hedge funds and other institutional investors own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust NYSE: PMT is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. The company seeks to generate income through investments tied to the U.S. residential mortgage market, including credit-sensitive and interest-rate-sensitive assets.

PMT's business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.

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