California Public Employees Retirement System Cuts Position in PennyMac Mortgage Investment Trust (PMT)

California Public Employees Retirement System reduced its stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 19.9% in the 2nd quarter, Holdings Channel reports. The firm owned 246,645 shares of the real estate investment trust’s stock after selling 61,287 shares during the quarter. California Public Employees Retirement System’s holdings in PennyMac Mortgage Investment Trust were worth $4,684,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PMT. BlackRock Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 57.3% during the 1st quarter. BlackRock Inc. now owns 9,651,257 shares of the real estate investment trust’s stock worth $174,013,000 after purchasing an additional 3,514,212 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 3,577.8% during the 1st quarter. Principal Financial Group Inc. now owns 475,874 shares of the real estate investment trust’s stock worth $8,580,000 after purchasing an additional 462,935 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $5,113,000. Citadel Advisors LLC raised its position in shares of PennyMac Mortgage Investment Trust by 363.5% during the 2nd quarter. Citadel Advisors LLC now owns 294,775 shares of the real estate investment trust’s stock worth $5,598,000 after purchasing an additional 231,175 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of PennyMac Mortgage Investment Trust by 653.3% during the 1st quarter. JPMorgan Chase & Co. now owns 109,205 shares of the real estate investment trust’s stock worth $1,969,000 after purchasing an additional 94,709 shares during the last quarter. Hedge funds and other institutional investors own 67.34% of the company’s stock.

Several research analysts recently issued reports on PMT shares. Barclays lifted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 25th. Wells Fargo & Co started coverage on PennyMac Mortgage Investment Trust in a research report on Tuesday, September 18th. They set a “market perform” rating and a $20.00 price objective for the company. Credit Suisse Group lifted their price objective on PennyMac Mortgage Investment Trust from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 25th. Zacks Investment Research downgraded PennyMac Mortgage Investment Trust from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Finally, ValuEngine upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $20.25.

Shares of PMT opened at $19.23 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 2.67 and a beta of 0.38. PennyMac Mortgage Investment Trust has a fifty-two week low of $14.87 and a fifty-two week high of $20.41.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.10. The company had revenue of $82.99 million during the quarter, compared to the consensus estimate of $70.85 million. PennyMac Mortgage Investment Trust had a return on equity of 8.37% and a net margin of 36.14%. During the same period in the previous year, the firm posted $0.38 EPS. On average, analysts forecast that PennyMac Mortgage Investment Trust will post 1.51 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 30th. Shareholders of record on Monday, October 15th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.88 annualized dividend and a yield of 9.78%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 144.62%.

In other PennyMac Mortgage Investment Trust news, Director Marianne Sullivan purchased 3,015 shares of the business’s stock in a transaction on Friday, August 31st. The stock was bought at an average cost of $19.95 per share, for a total transaction of $60,149.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Spector sold 7,000 shares of the business’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $18.68, for a total value of $130,760.00. The disclosure for this sale can be found here. Insiders sold a total of 24,790 shares of company stock valued at $475,650 over the last quarter. 2.46% of the stock is currently owned by insiders.

About PennyMac Mortgage Investment Trust

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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Institutional Ownership by Quarter for PennyMac Mortgage Investment Trust (NYSE:PMT)

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