Piper Sandler Has Lowered Expectations for PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Price

Key Points

• Piper Sandler lowered its price target on PennyMac Mortgage Investment Trust from $13.50 to $13.00 and maintained a "neutral" rating, implying roughly a 10.9% upside from the stock's recent $11.72 price.
• Analyst consensus is cautious — three analysts rate PMT a Buy and six rate it a Hold, giving a consensus "Hold" with an average price target of $13.60.
• Recent trading and fundamentals show PMT shares at $11.72, a $1.02 billion market cap, a PE of about 11.96, and roughly 67% of the stock owned by institutional investors.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) had its price target decreased by equities research analysts at Piper Sandler from $13.50 to $13.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Piper Sandler's target price would suggest a potential upside of 10.88% from the company's current price.

PMT has been the topic of a number of other research reports. Keefe, Bruyette & Woods upgraded shares of PennyMac Mortgage Investment Trust from a "market perform" rating to an "outperform" rating and set a $13.50 price target on the stock in a report on Thursday, December 18th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of PennyMac Mortgage Investment Trust in a research report on Friday, March 27th. Citizens Jmp reduced their target price on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a "market outperform" rating on the stock in a report on Thursday, January 22nd. Finally, Citigroup reissued an "outperform" rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $13.60.

PennyMac Mortgage Investment Trust Trading Down 0.5%

Shares of PMT traded down $0.06 during mid-day trading on Thursday, hitting $11.72. The company had a trading volume of 71,911 shares, compared to its average volume of 1,177,064. The business's 50-day simple moving average is $12.14 and its 200-day simple moving average is $12.39. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 6.55. PennyMac Mortgage Investment Trust has a 1-year low of $11.15 and a 1-year high of $14.61. The stock has a market cap of $1.02 billion, a PE ratio of 11.96, a P/E/G ratio of 0.56 and a beta of 1.25.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last released its earnings results on Thursday, January 29th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.07. PennyMac Mortgage Investment Trust had a net margin of 41.59% and a return on equity of 9.53%. The firm had revenue of $0.15 million during the quarter, compared to the consensus estimate of $96.96 million. Sell-side analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently made changes to their positions in the business. Hsbc Holdings PLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter valued at $510,000. Tudor Investment Corp ET AL increased its holdings in PennyMac Mortgage Investment Trust by 761.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 99,546 shares of the real estate investment trust's stock valued at $1,249,000 after purchasing an additional 87,997 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in PennyMac Mortgage Investment Trust in the 4th quarter valued at $187,000. Balyasny Asset Management L.P. raised its position in PennyMac Mortgage Investment Trust by 28.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 222,172 shares of the real estate investment trust's stock valued at $2,788,000 after purchasing an additional 49,151 shares during the period. Finally, Guggenheim Capital LLC raised its position in PennyMac Mortgage Investment Trust by 429.7% in the fourth quarter. Guggenheim Capital LLC now owns 102,860 shares of the real estate investment trust's stock valued at $1,291,000 after purchasing an additional 83,442 shares during the period. Institutional investors and hedge funds own 67.38% of the company's stock.

PennyMac Mortgage Investment Trust Company Profile

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.

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