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.
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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