PennyMac Mortgage Investment Trust (NYSE:PMT) Sees Unusually-High Trading Volume – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT) saw unusually-strong trading volume on Friday . Approximately 342,838 shares changed hands during mid-day trading, a decline of 53% from the previous session’s volume of 730,482 shares.The stock last traded at $13.82 and had previously closed at $13.86.

Analyst Ratings Changes

Several equities analysts have issued reports on PMT shares. B. Riley reaffirmed a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Piper Sandler dropped their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. Finally, JMP Securities boosted their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and a consensus price target of $14.93.

PennyMac Mortgage Investment Trust Stock Performance

The business’s 50-day simple moving average is $13.95 and its two-hundred day simple moving average is $14.00. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 9.22 and a beta of 1.51. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The firm had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter last year, the company posted $0.16 EPS. As a group, sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.28 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, October 11th. This represents a $1.60 annualized dividend and a dividend yield of 11.49%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 105.96%.

Insider Buying and Selling

In related news, Director Doug Jones sold 37,010 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total transaction of $518,510.10. Following the completion of the transaction, the director now owns 49,114 shares in the company, valued at $688,087.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased a total of 2,879 shares of company stock worth $39,028 in the last 90 days. Insiders own 0.89% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

Several large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in PennyMac Mortgage Investment Trust by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock valued at $10,895,000 after acquiring an additional 9,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of PennyMac Mortgage Investment Trust by 4.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust’s stock valued at $9,443,000 after buying an additional 28,121 shares during the period. Van ECK Associates Corp grew its stake in shares of PennyMac Mortgage Investment Trust by 34.4% in the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock valued at $8,554,000 after buying an additional 159,131 shares during the period. Dana Investment Advisors Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 40.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 427,941 shares of the real estate investment trust’s stock valued at $5,884,000 after buying an additional 123,890 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 124.7% in the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after buying an additional 161,723 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.