Wolverine Asset Management LLC Acquires 237,210 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)

Wolverine Asset Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Free Report) by 105.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 461,323 shares of the real estate investment trust's stock after acquiring an additional 237,210 shares during the quarter. Wolverine Asset Management LLC owned approximately 0.53% of PennyMac Mortgage Investment Trust worth $6,578,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its position in PennyMac Mortgage Investment Trust by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 43,700 shares of the real estate investment trust's stock valued at $601,000 after purchasing an additional 800 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of PennyMac Mortgage Investment Trust by 5.0% during the 3rd quarter. QRG Capital Management Inc. now owns 23,036 shares of the real estate investment trust's stock worth $328,000 after purchasing an additional 1,093 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 4.7% in the 2nd quarter. Inspire Investing LLC now owns 25,564 shares of the real estate investment trust's stock valued at $352,000 after buying an additional 1,144 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of PennyMac Mortgage Investment Trust by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 75,812 shares of the real estate investment trust's stock valued at $1,113,000 after buying an additional 1,179 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in PennyMac Mortgage Investment Trust by 7.4% during the first quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust's stock worth $257,000 after buying an additional 1,207 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Doug Jones sold 37,010 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total transaction of $518,510.10. Following the transaction, the director now directly owns 49,114 shares of the company's stock, valued at $688,087.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.89% of the stock is currently owned by company insiders.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT traded up $0.04 during midday trading on Monday, reaching $13.48. 525,210 shares of the stock were exchanged, compared to its average volume of 736,271. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.56. The stock's 50 day simple moving average is $13.95 and its 200 day simple moving average is $13.96. PennyMac Mortgage Investment Trust has a twelve month low of $12.81 and a twelve month high of $15.89. The company has a market cap of $1.17 billion, a P/E ratio of 9.90 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. The firm had revenue of $80.86 million for the quarter, compared to analyst estimates of $93.75 million. During the same quarter last year, the company earned $0.51 earnings per share. On average, sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 11.87%. The ex-dividend date of this dividend was Friday, October 11th. PennyMac Mortgage Investment Trust's dividend payout ratio (DPR) is 117.65%.

Wall Street Analyst Weigh In

A number of analysts have commented on PMT shares. JMP Securities increased their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a "market outperform" rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods lowered their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an "outperform" rating on the stock in a research report on Thursday, July 25th. Wedbush reaffirmed a "neutral" rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 24th. B. Riley reissued a "buy" rating and set a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Finally, Piper Sandler cut their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a "neutral" rating for the company in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $14.93.

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.