PennyMac Mortgage Investment Trust (NYSE:PMT) Downgraded to Sell Rating by Wall Street Zen

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

A number of other brokerages also recently weighed in on PMT. Wells Fargo & Company lowered 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 report on Thursday. Keefe, Bruyette & Woods restated a "market perform" rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday. Piper Sandler decreased their price objective on shares of PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a "neutral" rating on the stock in a report on Thursday, April 2nd. Weiss Ratings reiterated a "hold (c-)" rating on shares of PennyMac Mortgage Investment Trust in a report on Friday, March 27th. Finally, Citigroup reiterated an "outperform" rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $13.10.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT opened at $11.01 on Friday. The company has a market cap of $959.64 million, a price-to-earnings ratio of 9.57, a PEG ratio of 0.54 and a beta of 1.19. PennyMac Mortgage Investment Trust has a 1-year low of $10.86 and a 1-year high of $13.81. The company's fifty day simple moving average is $11.82 and its 200 day simple moving average is $12.35. 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 (NYSE:PMT - Get Free Report) last issued its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.20). The firm had revenue of $82.29 million for the quarter, compared to analyst estimates of $92.92 million. PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%. On average, research analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMT. AQR Capital Management LLC increased its position in PennyMac Mortgage Investment Trust by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust's stock valued at $237,000 after purchasing an additional 4,335 shares during the period. Jane Street Group LLC acquired a new stake in PennyMac Mortgage Investment Trust during the 1st quarter valued at approximately $4,166,000. Intech Investment Management LLC increased its position in PennyMac Mortgage Investment Trust by 1.3% during the 1st quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock valued at $1,601,000 after purchasing an additional 1,411 shares during the period. JPMorgan Chase & Co. increased its position in PennyMac Mortgage Investment Trust by 4.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 441,547 shares of the real estate investment trust's stock valued at $5,678,000 after purchasing an additional 19,389 shares during the period. Finally, Russell Investments Group Ltd. increased its position in PennyMac Mortgage Investment Trust by 49.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,861 shares of the real estate investment trust's stock valued at $63,000 after purchasing an additional 1,599 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.