PennyMac Mortgage Investment Trust (NYSE:PMT) Lowered to Strong Sell Rating by Zacks Research

Key Points

• PennyMac Mortgage Investment Trust has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, indicating negative sentiment among analysts.
• The company reported disappointing earnings, with a loss of ($0.04) per share, significantly below the consensus estimate of $0.35, and revenue also fell short at $70.20 million.
• Institutional investors now own approximately 67.38% of PennyMac Mortgage Investment Trust's stock, reflecting a growing interest from large investment firms.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday,Zacks.com reports.

PMT has been the topic of a number of other reports. Wells Fargo & Company initiated coverage on PennyMac Mortgage Investment Trust in a research note on Monday, August 25th. They set an "equal weight" rating and a $13.00 price objective on the stock. Keefe, Bruyette & Woods downgraded shares of PennyMac Mortgage Investment Trust from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $14.50 to $13.50 in a report on Friday, July 25th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust has a consensus rating of "Hold" and an average price target of $14.00.

PennyMac Mortgage Investment Trust Stock Up 0.5%

PennyMac Mortgage Investment Trust stock opened at $12.01 on Monday. The firm has a 50 day moving average price of $12.25 and a 200-day moving average price of $12.80. PennyMac Mortgage Investment Trust has a twelve month low of $11.70 and a twelve month high of $14.93. The company has a market capitalization of $1.04 billion, a P/E ratio of 16.67, a P/E/G ratio of 2.92 and a beta of 1.30. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 3.82.

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

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently modified their holdings of the stock. Trust Co. of Vermont bought a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $25,000. Allworth Financial LP lifted its position in PennyMac Mortgage Investment Trust by 1,741.7% during the second quarter. Allworth Financial LP now owns 2,118 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 2,003 shares during the period. GAMMA Investing LLC lifted its position in PennyMac Mortgage Investment Trust by 204.0% during the first quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 1,363 shares during the period. Signaturefd LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 53.8% during the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 870 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of PennyMac Mortgage Investment Trust by 196.5% in the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock worth $48,000 after buying an additional 2,162 shares during the period. 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.

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