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

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. “

Other analysts also recently issued research reports about the company. BidaskClub upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. ValuEngine downgraded PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research report on Monday, November 6th. Finally, Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $18.50.

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) traded down $0.11 during mid-day trading on Thursday, reaching $15.66. The company’s stock had a trading volume of 821,608 shares, compared to its average volume of 474,826. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.46. PennyMac Mortgage Investment Trust has a 12-month low of $14.87 and a 12-month high of $18.46. The company has a market capitalization of $1,020.24, a P/E ratio of 10.96 and a beta of 0.54.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.18). PennyMac Mortgage Investment Trust had a net margin of 36.07% and a return on equity of 7.59%. The company had revenue of $75.80 million during the quarter, compared to the consensus estimate of $81.72 million. During the same quarter in the previous year, the firm posted $1.06 EPS. The business’s revenue for the quarter was down 26.6% compared to the same quarter last year. equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.64 EPS for the current year.

In related news, insider David Spector sold 18,750 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $16.91, for a total transaction of $317,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 75,000 shares of company stock valued at $1,299,563. 2.08% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. raised its holdings in shares of PennyMac Mortgage Investment Trust by 20,756.3% during the third quarter. Sei Investments Co. now owns 6,674 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 6,642 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in 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 purchasing an additional 304 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in PennyMac Mortgage Investment Trust in the second quarter worth $184,000. M&T Bank Corp grew its stake in 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 purchasing an additional 500 shares during the period. Finally, Neuberger Berman Group LLC purchased a new stake in PennyMac Mortgage Investment Trust in the second quarter worth $201,000. Institutional investors own 62.97% of the company’s stock.

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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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