PennyMac Mortgage Investment Trust (PMT) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a sell rating to a hold rating in a research note released on Thursday.

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, BidaskClub lowered PennyMac Mortgage Investment Trust from a buy rating to a hold rating in a research note on Monday, July 24th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $17.00.

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) traded down 1.07% on Thursday, reaching $17.55. 467,934 shares of the company traded hands. The company has a market capitalization of $1.17 billion, a P/E ratio of 10.49 and a beta of 0.49. PennyMac Mortgage Investment Trust has a one year low of $14.40 and a one year high of $18.46. The firm’s 50 day moving average is $17.19 and its 200 day moving average is $17.59.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.05). The business had revenue of $83.96 million during the quarter, compared to analyst estimates of $80.12 million. PennyMac Mortgage Investment Trust had a net margin of 37.97% and a return on equity of 8.67%. The business’s quarterly revenue was up 76.4% compared to the same quarter last year. During the same period last year, the business earned ($0.08) earnings per share. Analysts expect that PennyMac Mortgage Investment Trust will post $1.64 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, October 13th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 10.71%. The ex-dividend date is Thursday, October 12th. PennyMac Mortgage Investment Trust’s payout ratio is 109.94%.

In other news, insider David Spector sold 18,750 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $17.61, for a total transaction of $330,187.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 0.3% during the second quarter. BlackRock Inc. now owns 6,319,656 shares of the real estate investment trust’s stock valued at $115,585,000 after purchasing an additional 17,300 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 0.9% during 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. Goldman Sachs Group Inc. boosted its stake in shares of PennyMac Mortgage Investment Trust by 32.2% during 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. LSV Asset Management boosted its stake in shares of PennyMac Mortgage Investment Trust by 0.5% during the second quarter. LSV Asset Management now owns 1,676,536 shares of the real estate investment trust’s stock valued at $30,663,000 after purchasing an additional 8,500 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of PennyMac Mortgage Investment Trust by 2.6% during the second quarter. State Street Corp now owns 1,479,887 shares of the real estate investment trust’s stock valued at $27,065,000 after purchasing an additional 37,565 shares in the last quarter. 62.47% of the stock is currently 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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Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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