Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a hold rating to a strong sell rating in a research report report published on Thursday morning.
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. “
PMT has been the topic of a number of other reports. ValuEngine downgraded PennyMac Mortgage Investment Trust from a buy rating to a hold rating in a report on Monday, November 6th. BidaskClub raised PennyMac Mortgage Investment Trust from a hold rating to a buy rating in a report on Saturday, August 26th. Finally, Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an outperform rating to a market perform rating and lowered their price target for the company from $19.00 to $18.00 in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $18.50.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $75.80 million during the quarter, compared to the consensus estimate of $81.72 million. During the same period last year, the firm posted $1.06 earnings per share. The company’s revenue was down 26.6% compared to the same quarter last year. sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.32 EPS for the current fiscal year.
In other news, insider David Spector sold 18,750 shares of the company’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $17.40, for a total transaction of $326,250.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 75,000 shares of company stock worth $1,299,563. Corporate insiders own 2.08% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. California Public Employees Retirement System lifted its holdings in PennyMac Mortgage Investment Trust by 1.4% in the third quarter. California Public Employees Retirement System now owns 356,340 shares of the real estate investment trust’s stock valued at $6,197,000 after acquiring an additional 4,940 shares during the period. Janney Montgomery Scott LLC lifted its holdings in PennyMac Mortgage Investment Trust by 20.1% in the third quarter. Janney Montgomery Scott LLC now owns 27,187 shares of the real estate investment trust’s stock valued at $473,000 after acquiring an additional 4,557 shares during the period. Cubist Systematic Strategies LLC bought a new position in PennyMac Mortgage Investment Trust in the third quarter valued at about $480,000. Cornerstone Capital Management Holdings LLC. bought a new position in PennyMac Mortgage Investment Trust in the third quarter valued at about $876,000. Finally, Magnetar Financial LLC lifted its holdings in PennyMac Mortgage Investment Trust by 197.9% in the third quarter. Magnetar Financial LLC now owns 35,905 shares of the real estate investment trust’s stock valued at $624,000 after acquiring an additional 23,851 shares during the period. 62.97% of the stock is currently owned by institutional investors.
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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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