Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been given a consensus recommendation of “Hold” by the nine ratings firms that are presently covering the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $17.00.

PMT has been the subject of several research analyst reports. TheStreet upgraded shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, May 31st. Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research report on Friday, July 29th. JMP Securities reiterated a “buy” rating on shares of PennyMac Mortgage Investment Trust in a research report on Saturday, June 4th. Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Mortgage Investment Trust from $18.50 to $18.00 and set an “outperform” rating for the company in a research report on Monday, August 8th. Finally, Bank of America Corp. lowered shares of PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a research report on Tuesday, July 12th.

In related news, insider Jeffrey Grogin sold 12,694 shares of PennyMac Mortgage Investment Trust stock in a transaction on Monday, July 25th. The shares were sold at an average price of $16.23, for a total value of $206,023.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PMT. BlackRock Fund Advisors increased its position in shares of PennyMac Mortgage Investment Trust by 26.1% in the second quarter. BlackRock Fund Advisors now owns 3,231,164 shares of the company’s stock valued at $52,442,000 after buying an additional 669,508 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of PennyMac Mortgage Investment Trust by 8.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,478,022 shares of the company’s stock valued at $23,988,000 after buying an additional 120,559 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 13.2% in the second quarter. Advisors Asset Management Inc. now owns 1,221,059 shares of the company’s stock valued at $19,818,000 after buying an additional 142,403 shares during the last quarter. Global X Management Co. LLC increased its position in shares of PennyMac Mortgage Investment Trust by 7.7% in the second quarter. Global X Management Co. LLC now owns 1,071,268 shares of the company’s stock valued at $17,387,000 after buying an additional 76,470 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 34.2% in the second quarter. Prudential Financial Inc. now owns 713,553 shares of the company’s stock valued at $11,581,000 after buying an additional 182,000 shares during the last quarter. 61.32% of the stock is currently owned by institutional investors.

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 15.09 on Wednesday. The stock has a 50 day moving average of $15.42 and a 200-day moving average of $14.83. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 17.49 and a beta of 0.67. PennyMac Mortgage Investment Trust has a 1-year low of $10.91 and a 1-year high of $16.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Wednesday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.30. PennyMac Mortgage Investment Trust had a net margin of 26.07% and a return on equity of 4.41%. The company had revenue of $47.60 million for the quarter, compared to the consensus estimate of $67.85 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was down 31.8% compared to the same quarter last year. Analysts forecast that PennyMac Mortgage Investment Trust will post $2.52 earnings per share for the current year.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. It operates through two segments: correspondent production and investment activities.

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