Wedbush Reiterates Neutral Rating for PennyMac Mortgage Investment Trust (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at Wedbush in a report released on Monday, Benzinga reports. They currently have a $15.00 price objective on the real estate investment trust's stock. Wedbush's price target indicates a potential upside of 7.03% from the stock's current price.

A number of other equities analysts also recently issued reports on PMT. Deutsche Bank Aktiengesellschaft assumed coverage on PennyMac Mortgage Investment Trust in a research report on Wednesday, January 10th. They set a "hold" rating and a $15.00 price target on the stock. JMP Securities reissued a "market outperform" rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 18th. Finally, B. Riley increased their target price on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $14.75.

PennyMac Mortgage Investment Trust Trading Down 0.6 %

Shares of NYSE PMT traded down $0.08 during trading hours on Monday, reaching $14.02. The stock had a trading volume of 587,107 shares, compared to its average volume of 624,000. PennyMac Mortgage Investment Trust has a 52-week low of $10.52 and a 52-week high of $15.89. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 9.35 and a beta of 1.48. The business's fifty day moving average price is $14.09 and its two-hundred day moving average price is $13.99. The company has a current ratio of 0.34, a quick ratio of 0.28 and a debt-to-equity ratio of 1.37.

Insiders Place Their Bets

In other news, Director Doug Jones sold 7,810 shares of the firm's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $14.34, for a total value of $111,995.40. Following the completion of the transaction, the director now directly owns 53,311 shares in the company, valued at $764,479.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.89% of the stock is owned by insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Several large investors have recently made changes to their positions in PMT. Roble Belko & Company Inc acquired a new position in PennyMac Mortgage Investment Trust during the first quarter valued at $29,000. National Bank of Canada FI lifted its holdings in shares of PennyMac Mortgage Investment Trust by 94.9% in the 4th quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 1,603 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of PennyMac Mortgage Investment Trust by 16.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust's stock valued at $97,000 after buying an additional 1,115 shares during the period. Oak Thistle LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the third quarter worth about $125,000. Finally, Essex Financial Services Inc. purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $150,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Company Profile

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.