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

Key Points

• Insider sale: Chief Accounting Officer Gregory Hendry sold 2,444 PMT shares for approximately $22,900 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct holdings by 20% to 9,774 shares.
• Weak quarterly results: PennyMac reported quarterly EPS of $0.23, missing the $0.30 consensus estimate, while revenue of negative $46 million fell well short of analyst expectations.
• High dividend amid cautious sentiment: PMT pays a $0.40 quarterly dividend, equivalent to a 16.8% annualized yield, but its payout ratio exceeds 100%; analysts maintain a consensus “Hold” rating with an average price target of $12.10.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) CAO Gregory Hendry sold 2,444 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $9.37, for a total value of $22,900.28. Following the completion of the transaction, the chief accounting officer directly owned 9,774 shares in the company, valued at approximately $91,582.38. This represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT traded up $0.09 during midday trading on Tuesday, reaching $9.53. The company's stock had a trading volume of 900,801 shares, compared to its average volume of 1,289,524. The business's fifty day simple moving average is $10.19 and its 200-day simple moving average is $11.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.72 and a quick ratio of 1.39. PennyMac Mortgage Investment Trust has a fifty-two week low of $9.05 and a fifty-two week high of $13.81. The company has a market capitalization of $831.36 million, a P/E ratio of 6.71, a P/E/G ratio of 0.63 and a beta of 1.14.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). The company had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%. As a group, equities research analysts expect that PennyMac Mortgage Investment Trust will post 1.12 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 16.8%. The ex-dividend date was Thursday, July 9th. PennyMac Mortgage Investment Trust's dividend payout ratio is presently 112.68%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently modified their holdings of PMT. Bessemer Group Inc. boosted 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 valued at $25,000 after acquiring an additional 1,285 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at $33,000. Clearstead Advisors LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 1,815 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 200.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,000 shares of the real estate investment trust's stock worth $38,000 after purchasing an additional 2,000 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Zacks Research cut shares of PennyMac Mortgage Investment Trust from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 27th. Piper Sandler decreased their price objective on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, May 21st. Finally, Wall Street Zen lowered PennyMac Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Two research 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's stock. According to MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of "Hold" and an average target price of $12.10.

About PennyMac Mortgage Investment Trust

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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