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.

Investment analysts at Wells Fargo & Company assumed coverage on shares of PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) in a research report issued on Monday. The brokerage 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 would suggest a potential upside of 5.47% from the stock's previous close.

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

PennyMac Mortgage Investment Trust Price Performance

NYSE:PMT traded up $0.15 during trading hours on Monday, hitting $12.33. The stock had a trading volume of 534,207 shares, compared to its average volume of 658,043. The company has a 50 day simple moving average of $12.46 and a two-hundred day simple moving average of $13.03. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 2.98 and a beta of 1.22. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.80 and a quick ratio of 0.80. PennyMac Mortgage Investment Trust has a one year low of $11.70 and a one year high of $14.93.

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

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently made changes to their positions in PMT. Vanguard Group Inc. lifted its position in PennyMac Mortgage Investment Trust by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 9,623,312 shares of the real estate investment trust's stock valued at $140,982,000 after acquiring an additional 30,334 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of PennyMac Mortgage Investment Trust by 44.5% during the fourth quarter. Deutsche Bank AG now owns 77,555 shares of the real estate investment trust's stock valued at $976,000 after purchasing an additional 23,874 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at $1,300,000. Northern Trust Corp increased its holdings in PennyMac Mortgage Investment Trust by 28.6% in the 4th quarter. Northern Trust Corp now owns 1,145,336 shares of the real estate investment trust's stock worth $14,420,000 after buying an additional 254,581 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in PennyMac Mortgage Investment Trust by 4,354.2% in the 1st quarter. GAMMA Investing LLC now owns 29,754 shares of the real estate investment trust's stock worth $436,000 after buying an additional 29,086 shares during the last quarter. Institutional investors own 67.38% of the company's stock.

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.