Comerica Bank trimmed its stake in PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) by 11.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,702 shares of the real estate investment trust’s stock after selling 8,775 shares during the period. Comerica Bank owned about 0.08% of PennyMac Mortgage Investment Trust worth $851,000 at the end of the most recent reporting period.
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A number of other institutional investors and hedge funds have also bought and sold shares of PMT. Envestnet Asset Management Inc. acquired a new stake in PennyMac Mortgage Investment Trust in the first quarter valued at $213,000. MAS Advisors LLC boosted its position in PennyMac Mortgage Investment Trust by 158.9% during the first quarter. MAS Advisors LLC now owns 53,037 shares of the real estate investment trust’s stock valued at $895,000 after acquiring an additional 32,549 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in PennyMac Mortgage Investment Trust by 94.1% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 29,657 shares of the real estate investment trust’s stock valued at $501,000 after acquiring an additional 14,379 shares during the last quarter. Bank of New York Mellon Corp boosted its position in PennyMac Mortgage Investment Trust by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 1,113,026 shares of the real estate investment trust’s stock valued at $18,800,000 after acquiring an additional 30,302 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in PennyMac Mortgage Investment Trust by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 32,427 shares of the real estate investment trust’s stock valued at $548,000 after acquiring an additional 1,137 shares during the last quarter. 71.21% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. BTIG Research cut their price target on shares of PennyMac Mortgage Investment Trust to $16.00 in a research report on Monday, December 12th. B. Riley upped their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 in a research report on Monday, November 21st. StockNews.com started coverage on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, October 12th. They set a “sell” rating on the stock. JMP Securities cut their price objective on shares of PennyMac Mortgage Investment Trust from $16.00 to $15.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 20th. Finally, Jonestrading cut shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research report on Wednesday, November 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three 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 $15.64.
PennyMac Mortgage Investment Trust Price Performance
PMT stock opened at $14.74 on Thursday. PennyMac Mortgage Investment Trust has a 1 year low of $10.78 and a 1 year high of $18.67. The stock has a market capitalization of $1.31 billion, a PE ratio of -10.03 and a beta of 1.33. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.45 and a quick ratio of 0.45. The company’s 50-day moving average is $14.20 and its 200-day moving average is $14.08.
PennyMac Mortgage Investment Trust Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, December 30th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $1.60 annualized dividend and a yield of 10.85%. PennyMac Mortgage Investment Trust’s payout ratio is -108.84%.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. 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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