Short-term stake in PennyMac Mortgage Investment Trust (NYSE:PMT) rises 19.2%

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PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) saw significant short-term interest growth in June. As of June 15, there was short interest totaling 3,670,000 shares, up 19.2% from the total of 3,080,000 shares as of May 31. Based on an average trading volume of 1,410,000 shares, the short interest ratio is currently 2.6 days. Approximately 4.0% of the company’s shares are sold short.

Hedge funds and other institutional investors have recently changed their stakes in the company. Bank of America Corp DE increased its holdings of PennyMac Mortgage Investment Trust shares by 15.4% in the first quarter. Bank of America Corp DE now owns 317,695 shares of the real estate investment trust valued at $5,365,000 after buying an additional 42,466 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings of PennyMac Mortgage Investment Trust shares by 8.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,379,006 shares of the real estate investment trust valued at $23,291,000 after purchasing an additional 106,963 shares in the last quarter. Eaton Vance Management increased its holdings of PennyMac Mortgage Investment Trust shares by 14.3% in the first quarter. Eaton Vance Management now owns 14,215 shares of the real estate investment trust valued at $239,000 after buying 1,783 additional shares in the last quarter. Evergreen Capital Management LLC increased its holdings of PennyMac Mortgage Investment Trust shares by 1.6% in the first quarter. Evergreen Capital Management LLC now owns 358,754 shares of the real estate investment trust valued at $6,059,000 after purchasing an additional 5,577 shares in the last quarter. Finally, Family Management Corp increased its holdings of PennyMac Mortgage Investment Trust shares by 29.9% in the first quarter. Family Management Corp now owns 31,933 shares of the real estate investment trust worth $539,000 after buying 7,348 additional shares in the last quarter. 70.77% of the shares are currently held by hedge funds and other institutional investors.

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NYSE PMT rose $0.23 during trading hours on Tuesday, hitting $14.57. The company’s stock had a trading volume of 39,548 shares, compared to an average trading volume of 1,789,309 shares. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt ratio of 1.38. The company has a 50-day simple moving average of $15.02 and a 200-day simple moving average of $16.09. PennyMac Mortgage Investment Trust has a 52 week low of $11.64 and a 52 week high of $21.11. The stock has a market capitalization of $1.42 billion, a PE ratio of -19.66 and a beta of 1.14.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 28. Shareholders of record on Thursday, July 14 will receive a dividend of $0.47. The ex-dividend date is Wednesday, July 13. This represents a dividend of $1.88 on an annualized basis and a yield of 12.90%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently -257.53%.

Several equity analysts have recently commented on the stock. Credit Suisse Group cut its price target on PennyMac Mortgage Investment Trust shares to $17.00 and set a “neutral” rating on the stock in a Thursday, May 19 research report. Piper Sandler cut her price target on PennyMac Mortgage Investment Trust shares from $18.00 to $17.00 and set an “overweight” rating on the stock in a Tuesday, June 28 research report. StockNews.com moved shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a Tuesday, June 28 research report. Jonestrading cut its price target on PennyMac Mortgage Investment Trust shares from $18.50 to $18.00 in a Friday, May 6 research report. Finally, B. Riley cut his price target on PennyMac Mortgage Investment Trust shares from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday. One analyst rated the stock with a sell rating, two gave the company a hold rating and five gave the company’s stock a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “moderate buy” and an average target price of $18.03.

About PennyMac Mortgage Investment Trust (Get an assessment)

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in mortgage-related assets in the United States. The Company’s Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate and subordinated non-agency bonds.

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