PennyMac Mortgage Investment Trust (PMT) Upgraded to “Hold” by 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 to investors 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 brokerages also recently commented on PMT. Bank of America Corp. downgraded shares of PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a report on Tuesday, July 12th. Barclays PLC set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust and gave the stock a “hold” rating in a report on Monday, July 25th. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Mortgage Investment Trust from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 8th. Finally, Wedbush began coverage on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, October 5th. They set a “neutral” rating and a $16.75 price objective on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and an average target price of $16.61.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/12/pennymac-mortgage-investment-trust-pmt-upgraded-to-hold-by-zacks-investment-research.html
PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 14.82 on Wednesday. The company has a 50-day moving average price of $15.15 and a 200 day moving average price of $15.06. The firm has a market cap of $1.00 billion, a PE ratio of 17.17 and a beta of 0.64. PennyMac Mortgage Investment Trust has a 12 month low of $10.91 and a 12 month high of $16.93.
PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Wednesday, August 3rd. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.38 by $0.30. The firm earned $47.60 million during the quarter, compared to the consensus estimate of $67.85 million. PennyMac Mortgage Investment Trust had a return on equity of 4.41% and a net margin of 26.07%. The business’s revenue was down 31.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS. Equities research analysts anticipate that PennyMac Mortgage Investment Trust will post $2.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 27th. Investors of record on Friday, October 7th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.88 dividend on an annualized basis and a yield of 12.69%. PennyMac Mortgage Investment Trust’s payout ratio is currently 229.27%.
In other PennyMac Mortgage Investment Trust news, Director Scott W. Carnahan bought 3,341 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were acquired at an average price of $15.22 per share, with a total value of $50,850.02. Following the completion of the purchase, the director now directly owns 49,203 shares in the company, valued at approximately $748,869.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Grogin sold 12,694 shares of the business’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $16.23, for a total transaction of $206,023.62. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in PMT. Public Employees Retirement System of Ohio raised its position in 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 worth $109,000 after buying an additional 633 shares during the period. Royal Bank of Canada raised its position in PennyMac Mortgage Investment Trust by 12.5% in the second quarter. Royal Bank of Canada now owns 6,977 shares of the company’s stock worth $113,000 after buying an additional 774 shares during the period. Teacher Retirement System of Texas raised its position in 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 worth $156,000 after buying an additional 565 shares during the period. Suntrust Banks Inc. raised its position in PennyMac Mortgage Investment Trust by 7.1% in the second quarter. Suntrust Banks Inc. now owns 12,167 shares of the company’s stock worth $197,000 after buying an additional 805 shares during the period. Finally, Fox Run Management L.L.C. purchased a new position in PennyMac Mortgage Investment Trust during the second quarter worth approximately $216,000. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PennyMac Mortgage Investment Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Mortgage Investment Trust and related companies with MarketBeat.com's FREE daily email newsletter.