Amalgamated Bank Cuts Stock Position in PennyMac Mortgage Investment Trust (NYSE:PMT) (2024)

Posted by ABMN Staff on May 20th, 2024

Amalgamated Bank trimmed its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT – Free Report) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,008 shares of the real estate investment trust’s stock after selling 906 shares during the quarter. Amalgamated Bank’s holdings in PennyMac Mortgage Investment Trust were worth $493,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Natixis Advisors L.P. boosted its stake in shares of PennyMac Mortgage Investment Trust by 4.9% in the fourth quarter. Natixis Advisors L.P. now owns 279,039 shares of the real estate investment trust’s stock valued at $4,171,000 after purchasing an additional 12,934 shares during the period. Essex Financial Services Inc. purchased a new position in PennyMac Mortgage Investment Trust in the 4th quarter valued at approximately $150,000. Victory Capital Management Inc. grew its stake in shares of 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 worth $265,000 after acquiring an additional 2,439 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth $183,000. Finally, Van ECK Associates Corp raised its stake in shares of PennyMac Mortgage Investment Trust by 1.3% in the fourth quarter. Van ECK Associates Corp now owns 459,810 shares of the real estate investment trust’s stock valued at $6,874,000 after acquiring an additional 5,963 shares in the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $15.04 on Monday. The firm’s fifty day simple moving average is $14.29 and its 200-day simple moving average is $14.32. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.03 and a beta of 1.47. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders 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 dividend on an annualized basis and a yield of 10.64%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%.

Insider Activity

In other 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 transaction of $111,995.40. Following the completion of the sale, the director now owns 53,311 shares in the company, valued at $764,479.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

PMT has been the subject of several recent research reports. Wedbush reiterated a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Monday, April 29th. B. Riley lifted their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. JMP Securities restated a “market outperform” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 18th. Finally, Piper Sandler reiterated a “neutral” rating and set a $15.00 target price (up previously from $14.50) on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, May 9th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.92.

Check Out Our Latest Stock Report on PMT