PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $14.50 Average Price Target from Brokerages

PennyMac Mortgage Investment Trust (NYSE:PMT) has been given a consensus recommendation of “Hold” by the eight analysts that are presently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $14.50.

PMT has been the subject of a number of recent research reports. UBS Group dropped their target price on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, May 2nd. Keefe, Bruyette & Woods dropped their price target on PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Jones Trading reaffirmed a “hold” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 24th.

Insider Activity at PennyMac Mortgage Investment Trust

In other news, Director Catherine A. Lynch bought 2,878 shares of the stock in a transaction dated Thursday, April 24th. The stock was bought at an average cost of $12.15 per share, with a total value of $34,967.70. Following the purchase, the director now owns 49,254 shares of the company’s stock, valued at approximately $598,436.10. This represents a 6.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of PennyMac Mortgage Investment Trust by 0.4% in the 4th quarter. Rhumbline Advisers now owns 264,702 shares of the real estate investment trust’s stock valued at $3,333,000 after buying an additional 1,001 shares during the period. Motiv8 Investments LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 13.1% in the 1st quarter. Motiv8 Investments LLC now owns 11,547 shares of the real estate investment trust’s stock valued at $169,000 after buying an additional 1,333 shares during the period. GAMMA Investing LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 1,363 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the 1st quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust’s stock worth $1,601,000 after purchasing an additional 1,411 shares during the last quarter. Finally, Optimize Financial Inc boosted its position in shares of PennyMac Mortgage Investment Trust by 7.3% in the 1st quarter. Optimize Financial Inc now owns 26,081 shares of the real estate investment trust’s stock worth $382,000 after purchasing an additional 1,780 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Trading Up 0.7%

Shares of PMT opened at $12.82 on Thursday. PennyMac Mortgage Investment Trust has a 1 year low of $11.77 and a 1 year high of $14.98. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $13.26. The stock has a market cap of $1.12 billion, a PE ratio of 9.64 and a beta of 1.27.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.39). PennyMac Mortgage Investment Trust had a return on equity of 11.48% and a net margin of 48.17%. The company had revenue of $44.47 million during the quarter, compared to analyst estimates of $94.36 million. During the same period in the previous year, the company posted $0.39 earnings per share. On average, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.