PennyMac Mortgage Investment Trust (PMT) Stock Rating Lowered by Zacks Investment Research

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 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, ValuEngine cut PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research note on Monday, November 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and a consensus target price of $18.50.

Shares of PennyMac Mortgage Investment Trust (PMT) opened at $16.91 on Wednesday. The firm has a market capitalization of $1,027.96, a PE ratio of 11.43 and a beta of 0.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.78 and a quick ratio of 0.78. PennyMac Mortgage Investment Trust has a one year low of $14.87 and a one year high of $18.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $93.70 million during the quarter, compared to analyst estimates of $80.43 million. PennyMac Mortgage Investment Trust had a net margin of 34.34% and a return on equity of 6.83%. The company’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.63 EPS for the current year.

PennyMac Mortgage Investment Trust announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 20th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 0.3% in the second quarter. BlackRock Inc. now owns 6,319,656 shares of the real estate investment trust’s stock worth $115,585,000 after acquiring an additional 17,300 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 0.9% in the second quarter. Vanguard Group Inc. now owns 5,236,924 shares of the real estate investment trust’s stock valued at $95,783,000 after purchasing an additional 49,187 shares in the last quarter. BlackRock Fund Advisors lifted its holdings in shares of PennyMac Mortgage Investment Trust by 4.7% in the third quarter. BlackRock Fund Advisors now owns 3,382,760 shares of the real estate investment trust’s stock valued at $52,703,000 after purchasing an additional 151,596 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 32.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,153,068 shares of the real estate investment trust’s stock valued at $55,967,000 after purchasing an additional 768,444 shares in the last quarter. Finally, Thornburg Investment Management Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 0.8% in the third quarter. Thornburg Investment Management Inc. now owns 2,176,261 shares of the real estate investment trust’s stock valued at $37,845,000 after purchasing an additional 16,844 shares in the last quarter. Institutional investors own 62.16% of the company’s stock.

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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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