Truist Financial Corp Takes $407,000 Position in PennyMac Mortgage Investment Trust (NYSE:PMT)

Truist Financial Corp acquired a new stake in PennyMac Mortgage Investment Trust (NYSE:PMT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 29,578 shares of the real estate investment trust’s stock, valued at approximately $407,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of PennyMac Mortgage Investment Trust by 1.2% in 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 buying an additional 9,506 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in PennyMac Mortgage Investment Trust by 4.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust’s stock worth $9,443,000 after purchasing an additional 28,121 shares during the last quarter. Van ECK Associates Corp grew its position in PennyMac Mortgage Investment Trust by 34.4% during the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock worth $8,554,000 after purchasing an additional 159,131 shares during the last quarter. Jane Street Group LLC grew its position in PennyMac Mortgage Investment Trust by 124.7% during the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after purchasing an additional 161,723 shares during the last quarter. Finally, Millennium Management LLC grew its position in PennyMac Mortgage Investment Trust by 223.1% during the 2nd quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock worth $3,198,000 after purchasing an additional 160,595 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Stock Down 0.3 %

Shares of NYSE PMT opened at $14.09 on Friday. 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 has a 52 week low of $10.52 and a 52 week high of $15.89. The firm has a 50-day moving average price of $14.01 and a 200 day moving average price of $13.99. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 9.39 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.17). The company had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. During the same quarter last year, the business earned $0.16 EPS. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.28 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.36%. The ex-dividend date of this dividend is Friday, October 11th. PennyMac Mortgage Investment Trust’s payout ratio is currently 106.67%.

Analyst Upgrades and Downgrades

PMT has been the topic of several research reports. Wedbush reissued a “neutral” rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. Piper Sandler lowered their target price 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. JMP Securities lifted their target price 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. B. Riley reaffirmed a “buy” rating and issued a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods lowered their target price 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. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.93.

Insiders Place Their Bets

In other PennyMac Mortgage Investment Trust 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 transaction, the director now owns 49,114 shares in the company, valued at approximately $688,087.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders acquired 2,879 shares of company stock worth $39,028. 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.