PennyMac Mortgage Investment Trust (PMT) Lifted to “Hold” at Zacks Investment Research
PennyMac Mortgage Investment Trust (NYSE:PMT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Several other equities analysts have also recently commented on the stock. Wedbush began 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 price target for the company. Keefe, Bruyette & Woods decreased their price objective 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. Barclays PLC set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust and gave the stock a “hold” rating in a research report on Monday, July 25th. Finally, Bank of America Corp. cut shares of PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a research report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $16.61.
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Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 14.82 on Wednesday. PennyMac Mortgage Investment Trust has a 12-month low of $10.91 and a 12-month high of $16.93. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 17.17 and a beta of 0.64. The firm has a 50-day moving average of $15.15 and a 200 day moving average of $15.06.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ 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 business earned $47.60 million during the quarter, compared to analysts’ expectations of $67.85 million. During the same period in the prior year, the business earned $0.36 EPS. The business’s quarterly revenue was down 31.8% on a year-over-year basis. Equities analysts forecast that PennyMac Mortgage Investment Trust will post $2.52 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 27th. Investors of record on Friday, October 7th will be paid a dividend of $0.47 per share. The ex-dividend date is Wednesday, October 5th. This represents a $1.88 annualized dividend and a yield of 12.69%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 229.27%.
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 transaction of $206,023.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Scott W. Carnahan purchased 3,341 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The shares were bought at an average price of $15.22 per share, for a total transaction of $50,850.02. Following the completion of the purchase, the director now directly owns 49,203 shares in the company, valued at $748,869.66. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.
Large investors have recently made changes to their positions in the company. BlackRock Fund Advisors raised its stake 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 in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in 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 worth $23,988,000 after buying an additional 120,559 shares in the last quarter. Advisors Asset Management Inc. raised its position in 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 worth $19,818,000 after buying an additional 142,403 shares in the last quarter. Global X Management Co. LLC raised its position in 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 worth $17,387,000 after buying an additional 76,470 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in PennyMac Mortgage Investment Trust by 34.2% in the second quarter. Prudential Financial Inc. now owns 713,553 shares of the company’s stock worth $11,581,000 after buying an additional 182,000 shares in the last quarter. Hedge funds and other institutional investors own 61.30% of the company’s stock.
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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