PennyMac Mortgage Investment Trust (NYSE:PMT) Downgraded by BidaskClub to “Hold”

PennyMac Mortgage Investment Trust (NYSE:PMT) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Monday, July 24th.

Several other equities research analysts have also recently issued reports on PMT. Credit Suisse Group lifted their price objective on shares of PennyMac Mortgage Investment Trust from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Tuesday, March 28th. Zacks Investment Research raised shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a report on Wednesday, April 5th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $18.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $17.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 17.35 on Monday. PennyMac Mortgage Investment Trust has a 1-year low of $14.28 and a 1-year high of $18.46. The stock has a 50 day moving average of $17.70 and a 200-day moving average of $17.51. The company has a market cap of $1.16 billion, a PE ratio of 10.37 and a beta of 0.52.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. PennyMac Mortgage Investment Trust had a return on equity of 8.67% and a net margin of 37.97%. 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 previous year, the business posted ($0.08) EPS. PennyMac Mortgage Investment Trust’s revenue was up 76.4% on a year-over-year basis. On average, equities research analysts predict that PennyMac Mortgage Investment Trust will post $1.68 earnings per share for the current year.

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In other PennyMac Mortgage Investment Trust news, CFO Andrew S. Chang sold 1,937 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $17.64, for a total value of $34,168.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David Spector sold 8,235 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was 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. In the last quarter, insiders sold 12,626 shares of company stock worth $222,229. 1.80% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of 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 buying an additional 17,300 shares during the period. Vanguard Group Inc. increased its stake 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 worth $95,783,000 after buying an additional 49,187 shares during the period. Goldman Sachs Group Inc. increased its stake 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 worth $55,967,000 after buying an additional 768,444 shares during the period. Thornburg Investment Management Inc. boosted its position in PennyMac Mortgage Investment Trust by 0.6% in the first quarter. Thornburg Investment Management Inc. now owns 2,163,914 shares of the real estate investment trust’s stock worth $38,409,000 after buying an additional 13,347 shares in the last quarter. Finally, LSV Asset Management boosted its position in PennyMac Mortgage Investment Trust by 0.5% in the second quarter. LSV Asset Management now owns 1,676,536 shares of the real estate investment trust’s stock worth $30,663,000 after buying an additional 8,500 shares in the last quarter. 64.06% of the stock is owned by hedge funds and other institutional investors.

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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