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

Separately, BidaskClub raised PennyMac Mortgage Investment Trust from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and an average target price of $17.46.

Shares of PennyMac Mortgage Investment Trust (PMT) traded up 0.23% during mid-day trading on Wednesday, reaching $17.24. The company had a trading volume of 301,708 shares. PennyMac Mortgage Investment Trust has a 1-year low of $14.28 and a 1-year high of $18.46. The stock’s 50-day moving average price is $17.57 and its 200 day moving average price is $17.52. The company has a market capitalization of $1.15 billion, a PE ratio of 10.30 and a beta of 0.52.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data 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. The business had revenue of $83.96 million during the quarter, compared to analysts’ expectations of $80.12 million. PennyMac Mortgage Investment Trust had a net margin of 37.97% and a return on equity of 8.67%. PennyMac Mortgage Investment Trust’s revenue for the quarter was up 76.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. Equities analysts expect that PennyMac Mortgage Investment Trust will post $1.68 EPS for the current year.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wedbush Securities Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 0.5% in the second quarter. Wedbush Securities Inc. now owns 39,140 shares of the real estate investment trust’s stock worth $716,000 after buying an additional 190 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of PennyMac Mortgage Investment Trust by 4.4% in the second quarter. Public Employees Retirement System of Ohio now owns 7,207 shares of the real estate investment trust’s stock worth $132,000 after buying an additional 304 shares during the last quarter. M&T Bank Corp boosted its position in shares of PennyMac Mortgage Investment Trust by 4.8% in the second quarter. M&T Bank Corp now owns 10,900 shares of the real estate investment trust’s stock worth $200,000 after buying an additional 500 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 2.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,153 shares of the real estate investment trust’s stock worth $387,000 after buying an additional 533 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 6.0% in the second quarter. Principal Financial Group Inc. now owns 14,489 shares of the real estate investment trust’s stock worth $265,000 after buying an additional 817 shares during the last quarter. Hedge funds and other institutional investors own 62.47% 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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