Bank of America Corp DE Buys 22,509 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Bank of America Corp DE increased its stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 353,917 shares of the real estate investment trust’s stock after purchasing an additional […]

Bank of America Corp DE increased its stake in shares of PennyMac Mortgage Investment Trust (NYSE:PMT) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 353,917 shares of the real estate investment trust’s stock after purchasing an additional 22,509 shares during the quarter. Bank of America Corp DE owned 0.36% of PennyMac Mortgage Investment Trust worth $6,204,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swiss National Bank boosted its holdings in PennyMac Mortgage Investment Trust by 5.0% during the 1st quarter. Swiss National Bank now owns 176,500 shares of the real estate investment trust’s stock valued at $1,874,000 after acquiring an additional 8,400 shares during the period. PNC Financial Services Group Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 52.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,915 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 2,377 shares during the period. State Street Corp boosted its holdings in PennyMac Mortgage Investment Trust by 20.0% during the 1st quarter. State Street Corp now owns 3,535,247 shares of the real estate investment trust’s stock valued at $37,544,000 after acquiring an additional 588,186 shares during the period. Ensign Peak Advisors Inc boosted its holdings in PennyMac Mortgage Investment Trust by 73.1% during the 1st quarter. Ensign Peak Advisors Inc now owns 140,200 shares of the real estate investment trust’s stock valued at $1,489,000 after acquiring an additional 59,200 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its holdings in PennyMac Mortgage Investment Trust by 7.0% during the 1st quarter. Virginia Retirement Systems ET AL now owns 82,900 shares of the real estate investment trust’s stock valued at $880,000 after acquiring an additional 5,400 shares during the period. 75.40% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Marianne Sullivan sold 3,829 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $17.30, for a total transaction of $66,241.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.63% of the company’s stock.

A number of research firms recently issued reports on PMT. Piper Sandler boosted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $22.00 in a report on Wednesday, June 10th. Credit Suisse Group reiterated a “buy” rating on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, September 23rd. Deutsche Bank upped their target price on PennyMac Mortgage Investment Trust from $12.50 to $19.00 in a report on Tuesday, June 23rd. Finally, Zacks Investment Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $19.79.

Shares of PMT stock opened at $16.15 on Wednesday. PennyMac Mortgage Investment Trust has a twelve month low of $3.50 and a twelve month high of $23.79. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -73.41 and a beta of 1.05. The stock has a fifty day simple moving average of $17.31 and a two-hundred day simple moving average of $14.41. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.26.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported $4.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $1.59. PennyMac Mortgage Investment Trust had a negative return on equity of 0.08% and a net margin of 46.31%. Research analysts predict that PennyMac Mortgage Investment Trust will post -1.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.91%. The ex-dividend date is Wednesday, October 14th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 66.12%.

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).

Read More: Neutral Rating

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

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