PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Cut to $15.00

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target reduced by stock analysts at Keefe, Bruyette & Woods from $15.50 to $15.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 11.11% from the stock’s current price.

A number of other research analysts have also recently weighed in on PMT. Wedbush reiterated a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday. JMP Securities lifted their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Piper Sandler reduced their target price on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday. Finally, B. Riley reiterated a “buy” rating and issued a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average price target of $14.93.

PennyMac Mortgage Investment Trust Trading Up 1.4 %

Shares of PMT stock traded up $0.18 during mid-day trading on Thursday, hitting $13.50. 103,658 shares of the company’s stock were exchanged, compared to its average volume of 737,843. PennyMac Mortgage Investment Trust has a fifty-two week low of $10.52 and a fifty-two week high of $15.89. The stock has a 50-day simple moving average of $13.95 and a two-hundred day simple moving average of $14.13. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 1.37. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 8.99 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a return on equity of 13.26% and a net margin of 47.60%. The business had revenue of $71.20 million for the quarter, compared to analyst estimates of $90.26 million. During the same quarter last year, the business earned $0.16 EPS. Equities analysts expect that PennyMac Mortgage Investment Trust will post 1.43 EPS for the current fiscal year.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the business. National Bank of Canada FI increased its position in shares of PennyMac Mortgage Investment Trust by 94.9% during the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,603 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of PennyMac Mortgage Investment Trust by 4.9% during the fourth quarter. Natixis Advisors L.P. now owns 279,039 shares of the real estate investment trust’s stock worth $4,171,000 after acquiring an additional 12,934 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock worth $20,345,000 after acquiring an additional 61,287 shares during the last quarter. Kestra Private Wealth Services LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth about $183,000. Finally, International Assets Investment Management LLC increased its holdings in PennyMac Mortgage Investment Trust by 1,307.8% in the fourth quarter. International Assets Investment Management LLC now owns 325,910 shares of the real estate investment trust’s stock valued at $4,872,000 after buying an additional 302,760 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.