Principal Financial Group Inc. Sells 15,580 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) (2024)

Posted by Defense World Staff on May 29th, 2024

Principal Financial Group Inc. cut its stake in PennyMac Mortgage Investment Trust (NYSE:PMT – Free Report) by 3.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 452,211 shares of the real estate investment trust’s stock after selling 15,580 shares during the quarter. Principal Financial Group Inc. owned about 0.52% of PennyMac Mortgage Investment Trust worth $6,761,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI grew its stake in shares of PennyMac Mortgage Investment Trust by 94.9% during the 4th quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,603 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in PennyMac Mortgage Investment Trust by 16.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 1,115 shares in the last quarter. Essex Financial Services Inc. acquired a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter worth $150,000. Kestra Private Wealth Services LLC acquired a new position in PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $183,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the third quarter worth $157,000. 67.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and set a $15.00 price target (up from $14.50) on shares of PennyMac Mortgage Investment Trust in a report on Thursday, May 9th. Wedbush reiterated a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. JMP Securities reiterated a “market outperform” rating and set a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 18th. Finally, B. Riley increased their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.92.

Check Out Our Latest Analysis on PMT

PennyMac Mortgage Investment Trust Stock Performance

PennyMac Mortgage Investment Trust stock opened at $13.60 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 9.07 and a beta of 1.47. The stock’s 50-day moving average is $14.23 and its 200-day moving average is $14.33.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 11.76%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 106.67%.

Insiders Place Their Bets

In other news, Director Doug Jones sold 7,810 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $14.34, for a total value of $111,995.40. Following the transaction, the director now owns 53,311 shares of the company’s stock, valued at approximately $764,479.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.89% of the stock is owned by insiders.

About PennyMac Mortgage Investment Trust

(Free Report)

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.

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