Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a strong sell rating to a hold rating in a research note published on Wednesday morning. They currently have $17.00 price objective on the stock.

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. “

A number of other brokerages have also issued reports on PMT. Wedbush started coverage on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, October 5th. They issued a neutral rating and a $16.75 target price for the company. Keefe, Bruyette & Woods decreased 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. 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. Finally, Barclays PLC set a $15.00 target price on shares of PennyMac Mortgage Investment Trust and gave the company a hold rating in a research report on Monday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $16.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 14.91 on Wednesday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 17.28 and a beta of 0.64. PennyMac Mortgage Investment Trust has a 52-week low of $10.91 and a 52-week high of $16.93. The stock has a 50 day moving average of $15.14 and a 200-day moving average of $15.06.

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 Zacks’ consensus estimate of $0.38 by $0.30. The company earned $47.60 million during the quarter, compared to the consensus estimate of $67.85 million. PennyMac Mortgage Investment Trust had a net margin of 26.07% and a return on equity of 4.41%. The business’s quarterly revenue was down 31.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. On average, analysts expect that PennyMac Mortgage Investment Trust will post $2.52 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 27th. Stockholders of record on Friday, October 7th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 12.61%. The ex-dividend date of this dividend is Wednesday, October 5th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 229.27%.

In other news, insider Jeffrey Grogin sold 12,694 shares of the stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $16.23, for a total value of $206,023.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott W. Carnahan purchased 3,341 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Wednesday, September 21st. The stock was bought at an average cost of $15.22 per share, with a total value of $50,850.02. Following the completion of the transaction, the director now directly owns 49,203 shares of the company’s stock, valued at $748,869.66. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Magnetar Financial LLC raised its stake in PennyMac Mortgage Investment Trust by 1.0% in the first quarter. Magnetar Financial LLC now owns 26,337 shares of the company’s stock worth $359,000 after buying an additional 256 shares during the period. Wedbush Securities Inc. raised its stake in PennyMac Mortgage Investment Trust by 0.7% in the second quarter. Wedbush Securities Inc. now owns 39,240 shares of the company’s stock worth $637,000 after buying an additional 273 shares during the period. Whittier Trust Co. raised its position in shares of PennyMac Mortgage Investment Trust by 1.2% in the second quarter. Whittier Trust Co. now owns 43,854 shares of the company’s stock valued at $711,000 after buying an additional 533 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of PennyMac Mortgage Investment Trust by 6.2% in the second quarter. Teacher Retirement System of Texas now owns 9,640 shares of the company’s stock valued at $156,000 after buying an additional 565 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of PennyMac Mortgage Investment Trust by 10.4% in the second quarter. Public Employees Retirement System of Ohio now owns 6,707 shares of the company’s stock valued at $109,000 after buying an additional 633 shares during the last quarter. 61.30% 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. and its subsidiaries. It operates through two segments: correspondent production and investment activities.

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