Principal Financial Group Inc. Trims Stock Holdings in PennyMac Mortgage Investment Trust (NYSE:PMT)

Principal Financial Group Inc. reduced its stake in PennyMac Mortgage Investment Trust (NYSE:PMT) by 0.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 449,784 shares of the real estate investment trust’s stock after selling 2,427 shares during the quarter. Principal Financial Group Inc. owned about 0.52% of PennyMac Mortgage Investment Trust worth $6,603,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. National Bank of Canada FI lifted its position in shares of PennyMac Mortgage Investment Trust by 94.9% in the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 1,603 shares in the last quarter. Roble Belko & Company Inc acquired a new position in PennyMac Mortgage Investment Trust in the first quarter valued at $29,000. Victory Capital Management Inc. increased its stake in PennyMac Mortgage Investment Trust by 16.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,702 shares of the real estate investment trust’s stock valued at $265,000 after purchasing an additional 2,439 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in PennyMac Mortgage Investment Trust by 22.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,788 shares of the real estate investment trust’s stock valued at $326,000 after purchasing an additional 3,929 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its stake in PennyMac Mortgage Investment Trust by 2.3% in the third quarter. B. Riley Wealth Advisors Inc. now owns 180,378 shares of the real estate investment trust’s stock valued at $2,237,000 after purchasing an additional 4,041 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on PMT shares. Piper Sandler reiterated a “neutral” rating and issued a $15.00 target price (up from $14.50) on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, May 9th. Wedbush reiterated a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Monday, April 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.92.

PennyMac Mortgage Investment Trust Trading Up 0.1 %

NYSE:PMT traded up $0.02 on Friday, hitting $13.77. 150,083 shares of the stock were exchanged, compared to its average volume of 688,559. The stock has a market cap of $1.20 billion, a PE ratio of 9.15 and a beta of 1.51. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 1.37. The stock has a fifty day moving average of $14.02 and a 200-day moving average of $14.24. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.52 and a fifty-two week high of $15.89.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, July 12th. This represents a $1.60 annualized dividend and a dividend yield of 11.62%. PennyMac Mortgage Investment Trust’s payout ratio is currently 106.67%.

PennyMac Mortgage Investment Trust Profile

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.