Keefe, Bruyette & Woods Reiterates Market Perform Rating for PennyMac Mortgage Investment Trust (NYSE:PMT)

Key Points

• Keefe, Bruyette & Woods reiterated a "Market Perform" rating on PennyMac Mortgage Investment Trust (PMT) and cut its price target to $12.00 from $13.50, implying roughly a 7.96% upside from the current stock price.
• PMT carries a consensus analyst rating of Hold (two Buys, six Holds) with a consensus price target of $13.10, and several firms including Wells Fargo and Piper Sandler have recently trimmed targets.
• PennyMac missed quarterly expectations, reporting EPS of $0.16 versus $0.36 expected and revenue of $82.29M versus $92.92M, as shares trade around $11.12 with a market cap near $969M.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report)'s stock had its "market perform" rating restated by investment analysts at Keefe, Bruyette & Woods in a research report issued on Friday,Benzinga reports. They presently have a $12.00 target price on the real estate investment trust's stock, down from their prior target price of $13.50. Keefe, Bruyette & Woods' price target suggests a potential upside of 7.96% from the stock's current price.

A number of other research firms have also weighed in on PMT. Weiss Ratings reissued a "hold (c-)" rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, March 27th. Citigroup reissued an "outperform" rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 22nd. Wells Fargo & Company decreased their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Thursday. Piper Sandler decreased their target price on shares of PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a "neutral" rating on the stock in a research note on Thursday, April 2nd. Finally, Citizens Jmp decreased their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a "market outperform" rating on the stock in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, PennyMac Mortgage Investment Trust has a consensus rating of "Hold" and a consensus price target of $13.10.

PennyMac Mortgage Investment Trust Trading Up 0.8%

PMT stock opened at $11.12 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.12 and a debt-to-equity ratio of 7.99. PennyMac Mortgage Investment Trust has a 12-month low of $10.91 and a 12-month high of $13.81. The stock has a market cap of $969.23 million, a price-to-earnings ratio of 9.67, a PEG ratio of 0.53 and a beta of 1.19. The business's 50-day moving average is $11.82 and its 200 day moving average is $12.35.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.The firm had revenue of $82.29 million during the quarter, compared to analyst estimates of $92.92 million. On average, sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $26,000. Bessemer Group Inc. increased its holdings in shares of PennyMac Mortgage Investment Trust by 142.1% during the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust's stock worth $25,000 after buying an additional 1,285 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $33,000. GAMMA Investing LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 102.8% during the 4th quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 1,395 shares during the period. Finally, Clearstead Advisors LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 184.3% during the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 1,815 shares during the period. Institutional investors and hedge funds own 67.38% of the company's stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust NYSE: PMT is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor's mortgage servicing, underwriting and capital markets expertise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.