Zacks Investment Research Downgrades PennyMac Mortgage Investment Trust (PMT) to Hold
PennyMac Mortgage Investment Trust (NYSE:PMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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. “
PMT has been the subject of a number of other research reports. Compass Point lowered PennyMac Mortgage Investment Trust from a “buy” rating to a “neutral” rating in a report on Monday, February 6th. Credit Suisse Group AG boosted their price target on PennyMac Mortgage Investment Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Tuesday, March 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $18.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.46.
PennyMac Mortgage Investment Trust (NYSE:PMT) traded down 0.11% during midday trading on Friday, reaching $17.73. The company’s stock had a trading volume of 221,841 shares. The company’s 50-day moving average is $17.73 and its 200 day moving average is $17.02. PennyMac Mortgage Investment Trust has a 12-month low of $14.28 and a 12-month high of $18.25. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 13.97 and a beta of 0.62.
The business also recently announced a quarterly dividend, which was paid on Thursday, April 27th. Shareholders of record on Thursday, April 13th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, April 11th. This represents a $1.88 dividend on an annualized basis and a yield of 10.60%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 179.05%.
In other PennyMac Mortgage Investment Trust news, insider Steven Richard Bailey sold 3,076 shares of the company’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $16.90, for a total transaction of $51,984.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vandad Fartaj sold 1,538 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $16.88, for a total value of $25,961.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,972 shares of company stock valued at $100,869. 1.80% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. State Street Corp raised its stake in shares of PennyMac Mortgage Investment Trust by 2.8% in the fourth quarter. State Street Corp now owns 1,410,380 shares of the real estate investment trust’s stock valued at $23,085,000 after buying an additional 38,074 shares in the last quarter. Norges Bank acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $13,286,000. Credit Agricole S A acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $254,000. Martingale Asset Management L P acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $1,358,000. Finally, Clinton Group Inc. acquired a new stake in shares of PennyMac Mortgage Investment Trust during the third quarter valued at approximately $973,000. Hedge funds and other institutional investors own 61.17% 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. (its Operating Partnership) and its subsidiaries.
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