PennyMac Mortgage Investment Trust (PMT) Stock Rating Upgraded by Zacks Investment Research
PennyMac Mortgage Investment Trust (NYSE:PMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “
Separately, BidaskClub raised PennyMac Mortgage Investment Trust from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 5th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $17.00.
PennyMac Mortgage Investment Trust (PMT) opened at 17.55 on Thursday. The stock’s 50 day moving average price is $17.19 and its 200 day moving average price is $17.59. The company has a market cap of $1.17 billion, a P/E ratio of 10.49 and a beta of 0.49. PennyMac Mortgage Investment Trust has a 1-year low of $14.40 and a 1-year high of $18.46.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.05). PennyMac Mortgage Investment Trust had a return on equity of 8.67% and a net margin of 37.97%. The firm had revenue of $83.96 million during the quarter, compared to the consensus estimate of $80.12 million. During the same period in the previous year, the firm earned ($0.08) EPS. The business’s revenue was up 76.4% on a year-over-year basis. On average, equities analysts anticipate that PennyMac Mortgage Investment Trust will post $1.64 earnings per share for the current fiscal year.
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In other PennyMac Mortgage Investment Trust news, insider David Spector sold 18,750 shares of the business’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $17.61, for a total transaction of $330,187.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. bought a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth about $104,000. Public Employees Retirement System of Ohio boosted its stake in shares of PennyMac Mortgage Investment Trust by 4.4% in the second quarter. Public Employees Retirement System of Ohio now owns 7,207 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 304 shares during the period. ProShare Advisors LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 198.3% in the first quarter. ProShare Advisors LLC now owns 33,844 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 22,500 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in shares of PennyMac Mortgage Investment Trust in the second quarter worth about $184,000. Finally, Jane Street Group LLC bought a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth about $190,000. 62.47% of the stock is owned by institutional investors and hedge funds.
PennyMac Mortgage Investment Trust Company Profile
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. (its Operating Partnership) and its subsidiaries.
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