ValuEngine Upgrades PennyMac Mortgage Investment Trust (PMT) to Buy

PennyMac Mortgage Investment Trust (NYSE:PMT) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday. BidaskClub raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Finally, Keefe, Bruyette & Woods cut shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $19.00 to $18.00 in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and a consensus target price of $18.50.

Shares of PennyMac Mortgage Investment Trust (PMT) traded up $0.06 during trading on Friday, hitting $15.74. 749,844 shares of the company traded hands, compared to its average volume of 657,279. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.46. PennyMac Mortgage Investment Trust has a one year low of $14.87 and a one year high of $18.46. The company has a market capitalization of $1,030.00, a PE ratio of 11.03 and a beta of 0.54.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.18). PennyMac Mortgage Investment Trust had a return on equity of 7.59% and a net margin of 36.07%. The business had revenue of $75.80 million during the quarter, compared to the consensus estimate of $81.72 million. During the same period in the prior year, the firm earned $1.06 EPS. The business’s revenue for the quarter was down 26.6% compared to the same quarter last year. equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.32 EPS for the current year.

In other PennyMac Mortgage Investment Trust news, insider David Spector sold 18,750 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $17.61, for a total transaction of $330,187.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 75,000 shares of company stock worth $1,299,563 in the last ninety days. Insiders own 2.08% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Martingale Asset Management L P boosted its position in PennyMac Mortgage Investment Trust by 30.1% during the second quarter. Martingale Asset Management L P now owns 246,523 shares of the real estate investment trust’s stock valued at $4,509,000 after acquiring an additional 57,101 shares during the last quarter. Cipher Capital LP boosted its position in PennyMac Mortgage Investment Trust by 25.8% during the second quarter. Cipher Capital LP now owns 233,707 shares of the real estate investment trust’s stock valued at $4,274,000 after acquiring an additional 47,900 shares during the last quarter. Ramsey Quantitative Systems bought a new stake in PennyMac Mortgage Investment Trust during the second quarter valued at $315,000. IndexIQ Advisors LLC boosted its position in PennyMac Mortgage Investment Trust by 11.8% during the second quarter. IndexIQ Advisors LLC now owns 77,310 shares of the real estate investment trust’s stock valued at $1,414,000 after acquiring an additional 8,155 shares during the last quarter. Finally, BlackRock Inc. boosted its position in PennyMac Mortgage Investment Trust by 0.3% during the second quarter. BlackRock Inc. now owns 6,319,656 shares of the real estate investment trust’s stock valued at $115,585,000 after acquiring an additional 17,300 shares during the last quarter. 62.97% of the stock is currently owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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