Zacks Research Downgrades PennyMac Mortgage Investment Trust (NYSE:PMT) to Strong Sell

PennyMac Mortgage Investment Trust (NYSE:PMT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

PMT has been the topic of a number of other reports. Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Wells Fargo & Company decreased their price target on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Piper Sandler decreased their price target on PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings cut PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and an average target price of $12.80.

PennyMac Mortgage Investment Trust Trading Up 0.6%

Shares of PennyMac Mortgage Investment Trust stock opened at $10.55 on Wednesday. The firm has a market capitalization of $919.52 million, a price-to-earnings ratio of 9.17, a PEG ratio of 0.63 and a beta of 1.21. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.18 and a fifty-two week high of $13.81. The company has a debt-to-equity ratio of 7.99, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a 50 day moving average of $11.39 and a 200 day moving average of $12.17.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results 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 firm had revenue of $82.29 million for the quarter, compared to analyst estimates of $92.92 million. As a group, research analysts predict that PennyMac Mortgage Investment Trust will post 1.24 earnings per share for the current year.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of large investors have recently modified their holdings of the stock. Orographic Financial Advisors LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the first quarter worth $118,000. Bank of America Corp DE increased its position in shares of PennyMac Mortgage Investment Trust by 154.1% during the first quarter. Bank of America Corp DE now owns 412,512 shares of the real estate investment trust’s stock worth $4,810,000 after acquiring an additional 250,160 shares during the period. Amundi increased its position in shares of PennyMac Mortgage Investment Trust by 17.0% during the first quarter. Amundi now owns 15,855 shares of the real estate investment trust’s stock worth $185,000 after acquiring an additional 2,304 shares during the period. Royal Bank of Canada increased its position in shares of PennyMac Mortgage Investment Trust by 1,469.4% during the first quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $7,488,000 after acquiring an additional 601,233 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the first quarter worth $239,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.