Kazazian Asset Management LLC decreased its position in shares of Pennymac Mortgage Investment (NYSE:PMT) by 22.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,417 shares of the real estate investment trust’s stock after selling 9,628 shares during the period. Kazazian Asset Management LLC owned 0.05% of Pennymac Mortgage Investment worth $521,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PMT. Bramshill Investments LLC acquired a new stake in shares of Pennymac Mortgage Investment in the fourth quarter worth about $522,000. Two Sigma Investments LP lifted its position in shares of Pennymac Mortgage Investment by 766.4% during the 4th quarter. Two Sigma Investments LP now owns 449,870 shares of the real estate investment trust’s stock worth $7,229,000 after purchasing an additional 397,947 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of Pennymac Mortgage Investment by 351.9% during the 4th quarter. Two Sigma Advisers LP now owns 65,237 shares of the real estate investment trust’s stock worth $1,048,000 after purchasing an additional 50,800 shares during the last quarter. Ellington Management Group LLC acquired a new position in shares of Pennymac Mortgage Investment during the 4th quarter worth about $1,184,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Pennymac Mortgage Investment by 4.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,429,875 shares of the real estate investment trust’s stock worth $55,118,000 after purchasing an additional 160,165 shares during the last quarter. 65.03% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research lowered Pennymac Mortgage Investment from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 27th.
Shares of PMT stock traded down $0.03 during trading hours on Friday, hitting $18.14. The company had a trading volume of 378,821 shares, compared to its average volume of 544,404. The firm has a market cap of $1,102.31, a P/E ratio of 13.95 and a beta of 0.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Pennymac Mortgage Investment has a 12 month low of $14.87 and a 12 month high of $18.46.
Pennymac Mortgage Investment (NYSE:PMT) last announced its earnings results on Thursday, February 8th. The real estate investment trust reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Pennymac Mortgage Investment had a return on equity of 7.03% and a net margin of 34.34%. The business had revenue of $93.70 million during the quarter, compared to analyst estimates of $80.43 million. During the same period in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue was up 36.0% compared to the same quarter last year. sell-side analysts forecast that Pennymac Mortgage Investment will post 1.59 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Friday, April 13th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 10.36%. The ex-dividend date of this dividend is Thursday, April 12th. Pennymac Mortgage Investment’s dividend payout ratio is 144.62%.
Pennymac Mortgage Investment declared that its Board of Directors has authorized a stock buyback plan on Wednesday, December 20th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, CEO David Spector sold 18,846 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $17.30, for a total value of $326,035.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marianne Sullivan bought 6,112 shares of the stock in a transaction on Tuesday, March 20th. The shares were purchased at an average price of $17.67 per share, with a total value of $107,999.04. The disclosure for this purchase can be found here. In the last three months, insiders bought 21,371 shares of company stock worth $369,899 and sold 32,368 shares worth $560,050. Corporate insiders own 2.08% of the company’s stock.
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About Pennymac Mortgage Investment
PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).
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