PennyMac Mortgage Investment Trust (PMT) Stake Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in PennyMac Mortgage Investment Trust (NYSE:PMT) by 51.6% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 66,966 shares of the real estate investment trust’s stock after selling 71,426 shares during the period. JPMorgan Chase & Co. owned 0.10% of PennyMac Mortgage Investment Trust worth $1,189,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its position in shares of PennyMac Mortgage Investment Trust by 2.8% in the fourth quarter. State Street Corp now owns 1,410,380 shares of the real estate investment trust’s stock valued at $23,085,000 after buying an additional 38,074 shares during the last quarter. Credit Agricole S A purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $254,000. Guggenheim Capital LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 3.2% in the fourth quarter. Guggenheim Capital LLC now owns 124,195 shares of the real estate investment trust’s stock valued at $2,033,000 after buying an additional 3,858 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 13.0% in the fourth quarter. AQR Capital Management LLC now owns 89,420 shares of the real estate investment trust’s stock valued at $1,464,000 after buying an additional 10,319 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $13,286,000. Institutional investors own 64.15% of the company’s stock.

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 17.85 on Friday. PennyMac Mortgage Investment Trust has a 12-month low of $14.28 and a 12-month high of $18.46. The company’s 50 day moving average is $17.95 and its 200 day moving average is $17.43. The firm has a market capitalization of $1.19 billion, a PE ratio of 14.07 and a beta of 0.52.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 27th. Investors of record on Thursday, July 13th will be paid a dividend of $0.47 per share. The ex-dividend date is Tuesday, July 11th. This represents a $1.88 dividend on an annualized basis and a yield of 10.53%. PennyMac Mortgage Investment Trust’s payout ratio is 150.40%.

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Several research analysts have commented on PMT shares. Credit Suisse Group raised their target price on shares of PennyMac Mortgage Investment Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Tuesday, March 28th. Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a report on Wednesday, April 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $18.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, April 19th. Finally, BidaskClub upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average price target of $17.46.

In related news, CEO David Spector sold 8,235 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $17.59, for a total transaction of $144,853.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew S. Chang sold 1,937 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $17.64, for a total value of $34,168.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,626 shares of company stock valued at $222,229. 1.80% of the stock is owned by company insiders.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.

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

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