PennyMac Mortgage Investment Trust (NYSE:PMT) CAO Sells 2,444 Shares of Company Stock

Key Points

• Insider sale: Chief Accounting Officer Gregory Hendry sold 2,444 PMT shares for approximately $19,210 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 33.34% to 4,886 shares.
• Weak stock and earnings performance: PMT shares traded near $7.80, close to their one-year low of $7.64, while the latest quarterly EPS of $0.23 missed the $0.30 consensus estimate and revenue was below expectations.
• High dividend but cautious outlook: The company declared a $0.40 quarterly dividend, representing a 20.5% annualized yield, but its payout ratio exceeds 100%. Analysts maintain a consensus “Hold” rating with an $11.50 price target.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,444 shares of the company's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $7.86, for a total transaction of $19,209.84. Following the sale, the chief accounting officer directly owned 4,886 shares in the company, valued at $38,403.96. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT traded up $0.04 during midday trading on Friday, reaching $7.80. The stock had a trading volume of 2,205,366 shares, compared to its average volume of 1,346,659. The firm has a 50 day simple moving average of $9.22 and a 200-day simple moving average of $10.31. PennyMac Mortgage Investment Trust has a one year low of $7.64 and a one year high of $13.81. The firm has a market cap of $679.90 million, a PE ratio of 5.49, a P/E/G ratio of 0.58 and a beta of 1.20. 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 (NYSE:PMT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The firm had revenue of ($46.00) million during the quarter, compared to the consensus estimate of $93.93 million. As a group, sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be paid a $0.40 dividend. The ex-dividend date is Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 20.5%. PennyMac Mortgage Investment Trust's dividend payout ratio is currently 112.68%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 142.1% during the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 1,285 shares during the period. Clearstead Advisors LLC increased its position in shares of PennyMac Mortgage Investment Trust by 184.3% in 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. Allworth Financial LP acquired a new position in PennyMac Mortgage Investment Trust in the second quarter valued at about $33,000. Nykredit A S acquired a new position in PennyMac Mortgage Investment Trust in the second quarter valued at about $37,000. Finally, Public Employees Retirement System of Ohio bought a new stake in PennyMac Mortgage Investment Trust during the second quarter worth about $38,000. 67.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PMT. Weiss Ratings reiterated a "sell (d+)" rating on shares of PennyMac Mortgage Investment Trust in a research note on Tuesday, August 18th. UBS Group dropped their price target on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a "neutral" rating on the stock in a research note 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 price target for the company in a report on Saturday, August 15th. Wells Fargo & Company reduced 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. Finally, Piper Sandler decreased their price objective on shares of 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 analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, PennyMac Mortgage Investment Trust has a consensus rating of "Hold" and a consensus target price of $11.50.

PennyMac Mortgage Investment Trust Company Profile

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