PennyMac Mortgage Investment Trust (NYSE:PMT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, January 4th.

According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “

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Several other analysts have also weighed in on the company. ValuEngine upgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $19.00 to $18.00 in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.50.

PennyMac Mortgage Investment Trust (NYSE:PMT) opened at $15.57 on Thursday. PennyMac Mortgage Investment Trust has a 52-week low of $14.87 and a 52-week high of $18.46. The company has a market capitalization of $1,029.42, a P/E ratio of 11.06 and a beta of 0.52. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.18). PennyMac Mortgage Investment Trust had a net margin of 36.07% and a return on equity of 7.59%. The firm had revenue of $75.80 million during the quarter, compared to the consensus estimate of $81.72 million. During the same quarter last year, the firm posted $1.06 earnings per share. PennyMac Mortgage Investment Trust’s revenue was down 26.6% compared to the same quarter last year. analysts predict that PennyMac Mortgage Investment Trust will post 1.32 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust announced that its Board of Directors has approved a share buyback program on Wednesday, December 20th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in the business. First Trust Advisors LP lifted its position in shares of PennyMac Mortgage Investment Trust by 518.2% during the 3rd quarter. First Trust Advisors LP now owns 685,555 shares of the real estate investment trust’s stock worth $11,922,000 after buying an additional 574,667 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $2,321,000. Systematic Financial Management LP acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $1,718,000. Global X MANAGEMENT CO LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 6.7% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 1,153,136 shares of the real estate investment trust’s stock valued at $20,053,000 after buying an additional 72,117 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of PennyMac Mortgage Investment Trust by 29.0% in the 2nd quarter. Van ECK Associates Corp now owns 313,996 shares of the real estate investment trust’s stock valued at $5,743,000 after buying an additional 70,599 shares during the period. Institutional investors own 63.12% of the company’s stock.

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PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.

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