Wells Fargo & Company Has Lowered Expectations for PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Price

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target dropped by stock analysts at Wells Fargo & Company from $13.00 to $12.00 in a report issued on Thursday, MarketBeat.com reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.04% from the company’s current price.

A number of other brokerages also recently commented on PMT. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Citigroup reiterated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 22nd. Citizens Jmp reduced their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and a consensus target price of $13.10.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $11.01 on Thursday. PennyMac Mortgage Investment Trust has a one year low of $10.86 and a one year high of $13.81. The company has a market cap of $959.64 million, a price-to-earnings ratio of 9.57, a PEG ratio of 0.54 and a beta of 1.19. The company has a debt-to-equity ratio of 7.99, a quick ratio of 1.12 and a current ratio of 1.39. The business’s 50 day moving average price is $11.82 and its 200 day moving average price is $12.35.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.The company had revenue of $82.29 million for the quarter, compared to analysts’ expectations of $92.92 million. On average, research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in PennyMac Mortgage Investment Trust by 142.1% in the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 1,285 shares during the period. Sharpepoint LLC raised its position in PennyMac Mortgage Investment Trust by 19.6% in the first quarter. Sharpepoint LLC now owns 86,253 shares of the real estate investment trust’s stock valued at $1,006,000 after purchasing an additional 14,139 shares during the period. Principal Financial Group Inc. raised its position in PennyMac Mortgage Investment Trust by 2.0% in the first quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock valued at $4,932,000 after purchasing an additional 8,234 shares during the period. QRG Capital Management Inc. raised its position in PennyMac Mortgage Investment Trust by 17.0% in the first quarter. QRG Capital Management Inc. now owns 13,123 shares of the real estate investment trust’s stock valued at $153,000 after purchasing an additional 1,905 shares during the period. Finally, New York State Teachers Retirement System raised its position in PennyMac Mortgage Investment Trust by 5.4% in the first quarter. New York State Teachers Retirement System now owns 133,260 shares of the real estate investment trust’s stock valued at $1,554,000 after purchasing an additional 6,827 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.