PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Cut to $18.00

PennyMac Mortgage Investment Trust (NYSE:PMTGet Rating) had its price objective cut by equities researchers at JMP Securities from $22.00 to $18.00 in a research note issued on Tuesday, The Fly reports. JMP Securities’ price target indicates a potential upside of 18.19% from the stock’s current price.

A number of other equities analysts have also commented on the company. StockNews.com assumed coverage on PennyMac Mortgage Investment Trust in a research note on Thursday, March 31st. They set a “sell” rating on the stock. Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Thursday, April 7th. Piper Sandler lowered their price objective on PennyMac Mortgage Investment Trust from $19.00 to $18.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Jonestrading assumed coverage on PennyMac Mortgage Investment Trust in a research note on Friday, January 7th. They set a “buy” rating and a $20.50 price objective on the stock. Finally, Barclays reduced their target price on PennyMac Mortgage Investment Trust from $19.00 to $18.00 in a report on Monday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.41.

Shares of NYSE PMT opened at $15.23 on Tuesday. The firm has a market cap of $1.48 billion, a P/E ratio of 58.58 and a beta of 1.13. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.11. PennyMac Mortgage Investment Trust has a 1-year low of $14.61 and a 1-year high of $21.53. The business’s 50 day moving average is $16.05 and its 200-day moving average is $17.50.

PennyMac Mortgage Investment Trust (NYSE:PMTGet Rating) last posted its quarterly earnings data on Thursday, February 3rd. The real estate investment trust reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.77). PennyMac Mortgage Investment Trust had a return on equity of 2.89% and a net margin of 13.53%. During the same period in the prior year, the business posted $0.78 EPS. Analysts forecast that PennyMac Mortgage Investment Trust will post 2.08 EPS for the current year.

In other news, Director Marianne Sullivan acquired 15,650 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The shares were bought at an average price of $15.02 per share, with a total value of $235,063.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Scott W. Carnahan sold 1,785 shares of the firm’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $15.71, for a total value of $28,042.35. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.

A number of large investors have recently made changes to their positions in PMT. Moors & Cabot Inc. bought a new position in PennyMac Mortgage Investment Trust during the 3rd quarter worth $36,000. Selective Wealth Management Inc. bought a new position in PennyMac Mortgage Investment Trust during the 1st quarter worth $62,000. Steward Partners Investment Advisory LLC raised its position in PennyMac Mortgage Investment Trust by 1,116.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,650 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,350 shares during the last quarter. Penserra Capital Management LLC bought a new position in PennyMac Mortgage Investment Trust during the 3rd quarter worth $84,000. Finally, Capital Square LLC bought a new position in PennyMac Mortgage Investment Trust during the 4th quarter worth $189,000. 70.84% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Company Profile (Get Rating)

PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.

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