PennyMac Mortgage Investment Trust (NYSE:PMT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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 firms have also commented on PMT. BidaskClub upgraded shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $18.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.46.

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 17.26 on Tuesday. The firm has a market capitalization of $1.15 billion, a PE ratio of 13.60 and a beta of 0.52. The stock’s 50 day moving average is $17.95 and its 200 day moving average is $17.49. PennyMac Mortgage Investment Trust has a 52-week low of $14.28 and a 52-week high of $18.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.05. PennyMac Mortgage Investment Trust had a net margin of 37.97% and a return on equity of 8.77%. The firm had revenue of $83.96 million for the quarter, compared to the consensus estimate of $80.12 million. During the same quarter in the prior year, the company earned ($0.08) earnings per share. The company’s quarterly revenue was up 76.4% compared to the same quarter last year. On average, equities research analysts forecast that PennyMac Mortgage Investment Trust will post $1.68 EPS for the current year.

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In other PennyMac Mortgage Investment Trust news, CEO David Spector sold 8,235 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $17.59, for a total value of $144,853.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew S. Chang sold 1,937 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $17.64, for a total transaction of $34,168.68. The disclosure for this sale can be found here. Insiders have sold a total of 12,626 shares of company stock valued at $222,229 over the last quarter. 1.80% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quantitative Systematic Strategies bought a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $1,002,000. Yorktown Management & Research Co Inc raised its position in shares of PennyMac Mortgage Investment Trust by 58.7% in the fourth quarter. Yorktown Management & Research Co Inc now owns 486,500 shares of the real estate investment trust’s stock valued at $7,424,000 after buying an additional 180,000 shares during the period. LSV Asset Management raised its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the fourth quarter. LSV Asset Management now owns 1,690,300 shares of the real estate investment trust’s stock valued at $25,793,000 after buying an additional 21,965 shares during the period. Global X Management Co. LLC raised its position in shares of PennyMac Mortgage Investment Trust by 7.7% in the second quarter. Global X Management Co. LLC now owns 1,071,268 shares of the real estate investment trust’s stock valued at $17,387,000 after buying an additional 76,470 shares during the period. Finally, State Street Corp raised its position 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 during the period. Institutional investors and hedge funds own 64.24% 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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Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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