PennyMac Mortgage Investment Trust (NYSE:PMT) Coverage Initiated at Wells Fargo & Company

Key Points

• Wells Fargo & Company has initiated coverage on PennyMac Mortgage Investment Trust with an "equal weight" rating and a price target of $13.00, which suggests a potential upside of 5.82%.
• Keefe, Bruyette & Woods downgraded PennyMac's rating from "outperform" to "market perform" and lowered its price target from $14.50 to $13.50.
• PennyMac reported a loss of $0.04 per share for the latest quarter, missing analysts' consensus estimates, which projected earnings of $0.35 per share.

Equities researchers at Wells Fargo & Company initiated coverage on shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) in a research report issued on Monday. The firm set an "equal weight" rating and a $13.00 price target on the real estate investment trust's stock. Wells Fargo & Company's target price points to a potential upside of 5.82% from the stock's previous close.

Separately, Keefe, Bruyette & Woods cut shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $14.50 to $13.50 in a research note on Friday, July 25th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.00.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock traded down $0.0750 during trading hours on Monday, reaching $12.2850. The company's stock had a trading volume of 45,612 shares, compared to its average volume of 816,780. The company has a debt-to-equity ratio of 3.82, a quick ratio of 0.80 and a current ratio of 0.80. PennyMac Mortgage Investment Trust has a one year low of $11.70 and a one year high of $14.93. The company's 50 day simple moving average is $12.47 and its 200 day simple moving average is $13.07. The stock has a market cap of $1.07 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 3.02 and a beta of 1.22.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.39). PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%.The firm had revenue of $70.20 million during the quarter, compared to analyst estimates of $95.46 million. As a group, analysts expect that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds have recently made changes to their positions in PMT. Raymond James Financial Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at approximately $1,300,000. Barclays PLC lifted its position in shares of PennyMac Mortgage Investment Trust by 2.7% in the 4th quarter. Barclays PLC now owns 152,767 shares of the real estate investment trust's stock valued at $1,924,000 after acquiring an additional 4,033 shares in the last quarter. Guggenheim Capital LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 17.1% in the 4th quarter. Guggenheim Capital LLC now owns 26,115 shares of the real estate investment trust's stock valued at $329,000 after acquiring an additional 3,810 shares in the last quarter. First Trust Advisors LP lifted its position in shares of PennyMac Mortgage Investment Trust by 5.5% in the 4th quarter. First Trust Advisors LP now owns 772,213 shares of the real estate investment trust's stock valued at $9,722,000 after acquiring an additional 40,270 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in shares of PennyMac Mortgage Investment Trust by 24.4% in the 4th quarter. Stifel Financial Corp now owns 42,659 shares of the real estate investment trust's stock valued at $537,000 after acquiring an additional 8,358 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

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.

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