PennyMac Mortgage Investment Trust (PMT) Shares Down 6.2% Following Weak Earnings
PennyMac Mortgage Investment Trust (NYSE:PMT) traded down 6.2% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $15.18 and last traded at $15.22. 1,456,363 shares traded hands during mid-day trading, an increase of 188% from the average session volume of 505,649 shares. The stock had previously closed at $16.23.
The real estate investment trust reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.18). PennyMac Mortgage Investment Trust had a return on equity of 8.67% and a net margin of 37.97%. The business had revenue of $75.80 million during the quarter, compared to analysts’ expectations of $81.72 million. During the same quarter last year, the business posted $1.06 EPS. The company’s quarterly revenue was down 26.6% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 30th. Shareholders of record on Friday, October 13th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 12.35%. The ex-dividend date was Thursday, October 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 109.94%.
Several equities research analysts have weighed in on PMT shares. Zacks Investment Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Wednesday, August 30th. BidaskClub cut PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Keefe, Bruyette & Woods cut PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $19.00 to $18.00 in a report on Tuesday, October 10th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and a consensus target price of $17.00.
In other news, insider David Spector sold 18,750 shares of the stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $16.91, for a total value of $317,062.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 75,000 shares of company stock valued at $1,299,563 in the last three months. Corporate insiders own 1.80% of the company’s stock.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 0.3% in the 2nd quarter. BlackRock Inc. now owns 6,319,656 shares of the real estate investment trust’s stock worth $115,585,000 after acquiring an additional 17,300 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,236,924 shares of the real estate investment trust’s stock worth $95,783,000 after acquiring an additional 49,187 shares in the last quarter. LSV Asset Management raised its position in shares of PennyMac Mortgage Investment Trust by 0.5% in the 2nd quarter. LSV Asset Management now owns 1,676,536 shares of the real estate investment trust’s stock worth $30,663,000 after acquiring an additional 8,500 shares in the last quarter. State Street Corp raised its position in shares of PennyMac Mortgage Investment Trust by 2.6% in the 2nd quarter. State Street Corp now owns 1,479,887 shares of the real estate investment trust’s stock worth $27,065,000 after acquiring an additional 37,565 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 20.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,209,057 shares of the real estate investment trust’s stock worth $22,114,000 after acquiring an additional 204,191 shares in the last quarter. 63.34% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $1.08 billion, a PE ratio of 9.45 and a beta of 0.54. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.42.
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About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.
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