International Assets Investment Management LLC reduced its stake in PennyMac Mortgage Investment Trust (NYSE:PMT – Free Report) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,700 shares of the real estate investment trust’s stock after selling 1,000 shares during the quarter. International Assets Investment Management LLC’s holdings in PennyMac Mortgage Investment Trust were worth $268,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Almitas Capital LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at approximately $28,000. Parallel Advisors LLC lifted its holdings in shares of PennyMac Mortgage Investment Trust by 14,778.3% in the 4th quarter. Parallel Advisors LLC now owns 3,422 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 3,399 shares during the period. Federated Hermes Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 54.9% in the 3rd quarter. Federated Hermes Inc. now owns 3,641 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 1,291 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at approximately $48,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in PennyMac Mortgage Investment Trust by 575.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,769 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 4,915 shares during the last quarter. 68.60% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Scott W. Carnahan sold 6,704 shares of PennyMac Mortgage Investment Trust stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $13.23, for a total value of $88,693.92. Following the completion of the sale, the director now owns 9,844 shares of the company’s stock, valued at $130,236.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other PennyMac Mortgage Investment Trust news, Director Scott W. Carnahan sold 6,704 shares of the business’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $13.23, for a total transaction of $88,693.92. Following the completion of the sale, the director now owns 9,844 shares of the company’s stock, valued at $130,236.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Doug Jones sold 13,332 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $11.74, for a total value of $156,517.68. Following the sale, the insider now directly owns 67,400 shares of the company’s stock, valued at approximately $791,276. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.
PennyMac Mortgage Investment Trust Trading Up 0.1 %
PennyMac Mortgage Investment Trust Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 14th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.86%. The ex-dividend date of this dividend is Thursday, July 13th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently -363.64%.
Analysts Set New Price Targets
Several brokerages recently issued reports on PMT. JMP Securities reduced their price objective on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set an “outperform” rating for the company in a report on Friday, April 21st. TheStreet cut PennyMac Mortgage Investment Trust from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. StockNews.com began coverage on PennyMac Mortgage Investment Trust in a report on Thursday, May 18th. They issued a “sell” rating for the company. Wedbush reissued a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday, May 1st. Finally, Piper Sandler cut their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.67.
PennyMac Mortgage Investment Trust Company Profile
PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. It operates through four segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production, and Corporate. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.
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