Piper Sandler 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 reaffirmed by research analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They presently have a $15.00 price target on the real estate investment trust's stock, up from their previous price target of $14.50. Piper Sandler's price objective points to a potential upside of 1.90% from the company's current price.

PMT has been the topic of several other reports. Deutsche Bank Aktiengesellschaft started coverage on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, January 10th. They issued a "hold" rating and a $15.00 price objective on the stock. Wedbush reiterated a "neutral" rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. JMP Securities restated a "market outperform" rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 18th. Finally, B. Riley boosted their price target on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $14.92.

PennyMac Mortgage Investment Trust Stock Performance

PMT traded up $0.12 during trading hours on Thursday, hitting $14.72. 399,638 shares of the stock were exchanged, compared to its average volume of 620,994. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 9.81 and a beta of 1.47. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The stock has a 50-day simple moving average of $14.19 and a 200-day simple moving average of $14.14. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34.

Insider Activity

In other news, Director Doug Jones sold 7,810 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $14.34, for a total transaction of $111,995.40. Following the sale, the director now directly owns 53,311 shares of the company's stock, valued at $764,479.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Roble Belko & Company Inc acquired a new position in shares of PennyMac Mortgage Investment Trust in the first quarter valued at approximately $29,000. National Bank of Canada FI lifted its stake in 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 acquiring an additional 1,603 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in PennyMac Mortgage Investment Trust by 16.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust's stock worth $97,000 after acquiring an additional 1,115 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of PennyMac Mortgage Investment Trust in the first quarter valued at approximately $149,000. Finally, Essex Financial Services Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust in the fourth quarter worth $150,000. 67.38% of the stock is owned by institutional investors and hedge funds.

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.