Heavy Insider Selling at Well-Known Direct Selling Company, Plus Other Notable Insider Transactions

Insider at Mortgage-Related REIT Purchases Shares

One corporate insider at PennyMac Mortgage Investment Trust (NYSE:PMT) also purchased some shares this past week. Scott W. Carnahan, Independent Trustee since August 2009, bought 3,341 shares on Wednesday at a weighted average cost of $15.22 per share, lifting his ownership to 51,544 shares. The ownership stake also includes 11,219 restricted share units.

The shares of the specialty financial company that invests in residential mortgage-related assets are flat year-to-date. The value of mortgage servicing rights (MSRs), which represent arrangements by which a third party such as PennyMac Mortgage Investment Trust (NYSE:PMT) promises to collect and disseminate mortgage payments in exchange for a fee, tends to decline in a falling interest rate environment. Homeowners might take advantage of their right to refinance at lower rates, which essentially explains the fall in the value of MSRs. On the contrary, the value of MSRs increases as long-term interest rates rise, as refininancings fade and mortgage servicing companies can collect their fees over a longer period of time. Hence, one way of betting on an increasing-rate environment would be to invest in mortgage servicing companies such as PennyMac Mortgage Investment Trust. The REIT paid a cash dividend of $0.47 for the second quarter, a quarterly dividend that yields 12.31% annually. Clough Capital Partners, founded by Charles Clough, owns 659,173 shares of PennyMac Mortgage Investment Trust (NYSE:PMT) as of June 30.

Executives at Jack Henry & Associates Unload Shares

Two members of Jack Henry & Associates Inc. (NASDAQ:JKHY)’s executive team offloaded shares last week. To begin with, Kevin D. Williams, Chief Financial Officer and Treasurer, discarded 31,802 shares on Wednesday for $86.14 each, cutting his overall holding to 55,274 shares. Mark S. Forbis, Chief Technology Officer and Vice President, sold 3,000 shares on Wednesday at $86.75 apiece, but also offered 100 shares as a gift. After these transactions, Mr. Forbis currently holds a direct ownership stake of 1,836 shares.

The provider of technology solutions and payment processing services primarily for financial services organizations has seen its market cap increase by 11% since the start of the year. Jack Henry & Associates Inc. (NASDAQ:JKHY) reported revenues of $1.35 billion for its fiscal 2016 that ended June 30, an increase of 8% year-over-year. There were 15 hedge funds followed by Insider Monkey with long positions in Jack Henry & Associates at the end of June, as compared to 14 recorded at the end of the prior quarter. Royce & Associates, founded by Chuck Royce, had approximately 592,000 shares of Jack Henry & Associates Inc. (NASDAQ:JKHY) among its holdings at the end of the second quarter.

The final page of this article will discuss fresh insider selling at two other companies.