PennyMac Mortgage Investment Trust (NYSE:PMT) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 2,775,100 shares, a decline of 8.1% from the June 30th total of 3,019,200 shares. Based on an average daily trading volume, of 966,600 shares, the short-interest ratio is currently 2.9 days. Currently, 4.2% of the shares of the stock are short sold.
A number of research firms recently commented on PMT. Wedbush reiterated a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a research report on Friday, July 26th. Piper Jaffray Companies began coverage on PennyMac Mortgage Investment Trust in a research report on Friday, May 24th. They issued an “overweight” rating and a $23.00 target price on the stock. Finally, Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $22.25.
In related news, insider Jeffrey Grogin sold 1,862 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $18.69, for a total value of $34,800.78. Following the sale, the insider now directly owns 36,642 shares in the company, valued at $684,838.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.45% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. UBS Group AG raised its holdings in shares of PennyMac Mortgage Investment Trust by 20.9% in the second quarter. UBS Group AG now owns 2,026,356 shares of the real estate investment trust’s stock worth $44,235,000 after buying an additional 349,819 shares during the period. Verition Fund Management LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter worth approximately $270,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 1,510.6% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 46,852 shares of the real estate investment trust’s stock worth $1,022,000 after buying an additional 43,943 shares during the period. Amundi Pioneer Asset Management Inc. bought a new position in PennyMac Mortgage Investment Trust in the second quarter worth approximately $2,183,000. Finally, United Services Automobile Association grew its stake in PennyMac Mortgage Investment Trust by 5.9% in the second quarter. United Services Automobile Association now owns 148,950 shares of the real estate investment trust’s stock worth $3,252,000 after purchasing an additional 8,249 shares in the last quarter. Institutional investors and hedge funds own 71.04% of the company’s stock.
Shares of PMT stock opened at $21.82 on Friday. PennyMac Mortgage Investment Trust has a 1 year low of $17.88 and a 1 year high of $22.62. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.43 and a quick ratio of 0.43. The stock’s 50 day simple moving average is $22.01 and its two-hundred day simple moving average is $21.19. The company has a market cap of $1.70 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 1.96 and a beta of 0.60.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.03%. The business had revenue of $96.40 million for the quarter, compared to the consensus estimate of $104.95 million. During the same period in the prior year, the business posted $0.70 earnings per share. Equities research analysts expect that PennyMac Mortgage Investment Trust will post 2.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 30th. Shareholders of record on Monday, July 15th were given a dividend of $0.47 per share. The ex-dividend date was Friday, July 12th. This represents a $1.88 dividend on an annualized basis and a yield of 8.62%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 94.47%.
PennyMac Mortgage Investment Trust Company Profile
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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