Teacher Retirement System of Texas Sells 17,009 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Teacher Retirement System of Texas decreased its stake in PennyMac Mortgage Investment Trust (NYSE:PMT) by 21.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,504 shares of the real estate investment trust’s stock after selling 17,009 shares during the period. Teacher Retirement System of Texas owned about 0.07% of PennyMac Mortgage Investment Trust worth $919,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PMT. National Bank of Canada FI increased its holdings in shares of PennyMac Mortgage Investment Trust by 94.9% in 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 buying an additional 1,603 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 16.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust’s stock valued at $97,000 after purchasing an additional 1,115 shares in the last quarter. Essex Financial Services Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at $150,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 3rd quarter valued at $157,000. Finally, Kestra Private Wealth Services LLC purchased a new stake in PennyMac Mortgage Investment Trust during the 4th quarter valued at $183,000. Institutional investors own 67.38% of the company’s stock.

Analysts Set New Price Targets

PMT has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and set a $15.00 price target (up previously from $14.50) on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, May 9th. 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. JMP Securities reissued 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, Wedbush restated a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Monday, April 29th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average price target of $14.92.

PennyMac Mortgage Investment Trust Stock Up 0.5 %

Shares of PennyMac Mortgage Investment Trust stock opened at $13.80 on Thursday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. The company has a 50-day moving average of $14.27 and a 200 day moving average of $14.32. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 9.20 and a beta of 1.47. PennyMac Mortgage Investment Trust has a 1 year low of $10.52 and a 1 year high of $15.89.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a $0.40 dividend. The ex-dividend date was Thursday, April 11th. This represents a $1.60 annualized dividend and a dividend yield of 11.59%. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

Insider Buying and Selling

In related news, Director Doug Jones sold 7,810 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $14.34, for a total value of $111,995.40. Following the completion of the transaction, the director now directly owns 53,311 shares in the company, valued at approximately $764,479.74. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is owned by company insiders.

About PennyMac Mortgage Investment Trust

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.