Wells Fargo & Company Has Lowered Expectations for PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Price

PennyMac Mortgage Investment Trust (NYSE:PMT) had its target price dropped by equities research analysts at Wells Fargo & Company from $13.00 to $12.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 8.45% from the stock’s previous close.

A number of other brokerages also recently weighed in on PMT. Citigroup restated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Piper Sandler lowered their target price 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 restated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, March 27th. Finally, Citizens Jmp lowered their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.40.

PennyMac Mortgage Investment Trust Stock Up 0.3%

NYSE PMT traded up $0.04 during trading hours on Thursday, hitting $11.07. 365,619 shares of the company traded hands, compared to its average volume of 1,186,591. The business’s 50-day moving average is $11.84 and its 200-day moving average is $12.36. PennyMac Mortgage Investment Trust has a twelve month low of $10.91 and a twelve month high of $13.81. The company has a debt-to-equity ratio of 6.55, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $964.87 million, a price-to-earnings ratio of 9.62, a P/E/G ratio of 0.59 and a beta of 1.19.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.69%. The company had revenue of $82.29 million for the quarter, compared to analyst estimates of $92.92 million. Sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Nuveen LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 350.3% in the fourth quarter. Nuveen LLC now owns 927,864 shares of the real estate investment trust’s stock valued at $11,645,000 after purchasing an additional 721,790 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of PennyMac Mortgage Investment Trust by 149.1% in the fourth quarter. JPMorgan Chase & Co. now owns 873,470 shares of the real estate investment trust’s stock valued at $10,962,000 after purchasing an additional 522,839 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 1,586.5% in the fourth quarter. SG Americas Securities LLC now owns 526,950 shares of the real estate investment trust’s stock valued at $6,613,000 after purchasing an additional 495,704 shares during the last quarter. Barclays PLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 93.2% in the third quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after purchasing an additional 478,947 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 41.8% in the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after purchasing an additional 394,497 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.