PennyMac Mortgage Investment Trust (NYSE:PMT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a 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. “

A number of other research analysts have also recently commented on PMT. Credit Suisse Group raised their price target on PennyMac Mortgage Investment Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 28th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $18.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, April 19th. Finally, BidaskClub upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $17.46.

PennyMac Mortgage Investment Trust (NYSE PMT) opened at 17.55 on Wednesday. The firm has a market cap of $1.17 billion, a P/E ratio of 13.83 and a beta of 0.52. PennyMac Mortgage Investment Trust has a 12 month low of $14.28 and a 12 month high of $18.46. The company’s 50-day moving average is $17.95 and its 200 day moving average is $17.45.

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In other PennyMac Mortgage Investment Trust news, CEO David Spector sold 8,235 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $17.59, for a total value of $144,853.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew S. Chang sold 1,937 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $17.64, for a total value of $34,168.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,626 shares of company stock worth $222,229. Company insiders own 1.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. acquired a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $104,000. ProShare Advisors LLC boosted its position in PennyMac Mortgage Investment Trust by 198.3% in the first quarter. ProShare Advisors LLC now owns 33,844 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 22,500 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in PennyMac Mortgage Investment Trust during the second quarter worth about $184,000. Jane Street Group LLC acquired a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $190,000. Finally, Eqis Capital Management Inc. acquired a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $210,000. Hedge funds and other institutional investors own 64.14% of the company’s stock.

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. (its Operating Partnership) and its subsidiaries.

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Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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