Shares of PennyMac Mortgage Investment Trust traded at $20.29 on Thursday, which at 3.27% down was the highest drop of the day among mortgage stocks.
According to Dividend Channel analysts, PennyMac stocks were yielding above the 11% mark based on its quarterly dividend, annualized to $2.28, which apparently caught the eye of investors “because historically speaking dividends have provided a considerable share of the stock market’s total return.”
The average volume of PennyMac shares changing hands was over 1.56 million.
Altogether only four of the 17 stocks on the Mortgage Industry Equity Composite traded down: Kaufman & Broad at 1.3%, MGIC at 0.55% and Fidelity National at 0.33%.
All the other mortgage stocks saw minor price increases at anywhere from 12 percentage points for Ocean Financial to 2.43% for CoreLogic, the biggest gainer of the day.
