Van ECK Associates Corp Sells 35,844 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Van ECK Associates Corp trimmed its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 586,289 shares of the real estate investment trust’s stock after selling 35,844 shares during the quarter. Van ECK Associates Corp’s holdings in PennyMac Mortgage Investment Trust were worth $7,927,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of PennyMac Mortgage Investment Trust by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock worth $10,895,000 after acquiring an additional 9,506 shares during the period. Dana Investment Advisors Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 40.7% during the second quarter. Dana Investment Advisors Inc. now owns 427,941 shares of the real estate investment trust’s stock worth $5,884,000 after acquiring an additional 123,890 shares during the period. International Assets Investment Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 1,607.2% during the third quarter. International Assets Investment Management LLC now owns 367,908 shares of the real estate investment trust’s stock worth $5,246,000 after acquiring an additional 346,358 shares during the period. Jane Street Group LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 124.7% during the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after acquiring an additional 161,723 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 223.1% during the second quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock worth $3,198,000 after acquiring an additional 160,595 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT opened at $13.44 on Thursday. The firm has a 50-day moving average of $13.98 and a 200-day moving average of $13.96. PennyMac Mortgage Investment Trust has a one year low of $12.81 and a one year high of $15.89. The company has a market cap of $1.17 billion, a PE ratio of 9.88 and a beta of 1.51. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.85 and a quick ratio of 0.85.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.90%. The firm had revenue of $80.86 million during the quarter, compared to the consensus estimate of $93.75 million. During the same period last year, the business earned $0.51 EPS. As a group, equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.90%. The ex-dividend date was Friday, October 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 117.65%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. 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. Wedbush reiterated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th. Piper Sandler lowered their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. JMP Securities lifted their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Finally, B. Riley reiterated a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average price target of $14.93.

Insider Activity

In related news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust 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 sale, the director now owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.89% 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.