Short Interest in PennyMac Mortgage Investment Trust (NYSE:PMT) Decreases By 8.1%

PennyMac Mortgage Investment Trust (NYSE:PMT) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 2,775,100 shares, a drop of 8.1% from the June 30th total of 3,019,200 shares. Based on an average daily volume of 966,600 shares, the short-interest ratio is currently 2.9 days. Approximately 4.2% of the shares of the company are short sold.

Shares of PMT traded down $0.09 during trading hours on Thursday, hitting $21.59. The company’s stock had a trading volume of 998,900 shares, compared to its average volume of 830,644. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 2.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.43 and a quick ratio of 0.43. The business has a 50 day simple moving average of $22.01 and a two-hundred day simple moving average of $21.19. PennyMac Mortgage Investment Trust has a 52-week low of $17.88 and a 52-week high of $22.62.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $96.40 million during the quarter, compared to analysts’ expectations of $104.95 million. PennyMac Mortgage Investment Trust had a net margin of 47.03% and a return on equity of 13.29%. During the same quarter in the previous year, the company earned $0.70 earnings per share. Research analysts predict that PennyMac Mortgage Investment Trust will post 2.22 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Monday, July 15th were paid a dividend of $0.47 per share. The ex-dividend date was Friday, July 12th. This represents a $1.88 annualized dividend and a yield of 8.71%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 94.47%.

Several research firms have recently weighed in on PMT. Wedbush reiterated a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, July 26th. Piper Jaffray Companies began coverage on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 24th. They issued an “overweight” rating and a $23.00 target price for the company. Finally, Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong-buy” rating and set a $25.00 target price for the company in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $22.25.

In other news, insider Jeffrey Grogin sold 1,862 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $18.69, for a total value of $34,800.78. Following the completion of the transaction, the insider now owns 36,642 shares in the company, valued at $684,838.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.45% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of PMT. BlackRock Inc. grew its stake in PennyMac Mortgage Investment Trust by 15.4% during the second quarter. BlackRock Inc. now owns 12,767,858 shares of the real estate investment trust’s stock valued at $278,723,000 after acquiring an additional 1,705,455 shares in the last quarter. Norges Bank purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $18,005,000. JPMorgan Chase & Co. grew its stake in PennyMac Mortgage Investment Trust by 676.7% during the second quarter. JPMorgan Chase & Co. now owns 1,008,688 shares of the real estate investment trust’s stock valued at $21,928,000 after acquiring an additional 878,819 shares in the last quarter. Vanguard Group Inc. grew its stake in PennyMac Mortgage Investment Trust by 11.6% in the 2nd quarter. Vanguard Group Inc. now owns 7,310,611 shares of the real estate investment trust’s stock worth $159,590,000 after buying an additional 762,048 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in PennyMac Mortgage Investment Trust in the 1st quarter worth approximately $14,017,000. 71.04% of the stock is owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

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).

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