PennyMac Mortgage Investment Trust (NYSE:PMT) Rating Lowered to D at TheStreet

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) was downgraded by equities research analysts at TheStreet from a “c-” rating to a “d” rating in a note issued to investors on Friday, TheStreetRatingsTable reports.

A number of other analysts also recently weighed in on PMT. Piper Sandler cut their price target on shares of PennyMac Mortgage Investment Trust from $19.00 to $18.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 5th. Barclays reduced their price target on shares of PennyMac Mortgage Investment Trust from $19.00 to $18.00 in a report on Monday, January 10th. StockNews.com initiated coverage on shares of PennyMac Mortgage Investment Trust in a report on Thursday, March 31st. They set a “sell” rating on the stock. BTIG Research raised PennyMac Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $18.50 price objective for the company in a research report on Friday, January 7th. Finally, Jonestrading dropped their target price on PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a research report on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.09.

Shares of NYSE:PMT opened at $15.47 on Friday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -21.19 and a beta of 1.11. The firm’s 50 day simple moving average is $16.02 and its 200 day simple moving average is $17.17. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.65 and a quick ratio of 0.65. PennyMac Mortgage Investment Trust has a fifty-two week low of $14.61 and a fifty-two week high of $21.53.

In other news, Director Marianne Sullivan bought 15,650 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The stock was acquired at an average cost of $15.02 per share, for a total transaction of $235,063.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott W. Carnahan sold 1,785 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Tuesday, February 22nd. The stock was 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. 0.84% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Invesco Ltd. boosted its position in PennyMac Mortgage Investment Trust by 98.7% during the fourth quarter. Invesco Ltd. now owns 2,230,488 shares of the real estate investment trust’s stock worth $38,654,000 after purchasing an additional 1,107,783 shares during the period. Norges Bank bought a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth about $17,544,000. Par Capital Management Inc. acquired a new position in PennyMac Mortgage Investment Trust in the 3rd quarter valued at about $42,278,000. Greenwich Investment Management Inc. bought a new position in PennyMac Mortgage Investment Trust in the 4th quarter valued at about $9,430,000. Finally, Goldman Sachs Group Inc. raised its holdings in PennyMac Mortgage Investment Trust by 6.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,022,501 shares of the real estate investment trust’s stock valued at $87,040,000 after acquiring an additional 305,375 shares during the period. 70.77% of the stock is owned by institutional investors and hedge funds.

About PennyMac Mortgage Investment Trust (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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