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PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) had its target price dropped by research analysts at B. Riley from $21.00 to $18.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. B. Riley’s price objective would indicate a potential upside of 25.52% from the company’s current price. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q2 2022 earnings at $0.40 EPS, Q3 2022 earnings at $0.43 EPS, Q4 2022 earnings at $0.47 EPS, Q2 2023 earnings at $0.51 EPS and Q3 2023 earnings at $0.54 EPS.
PMT has been the topic of a number of other reports. Piper Sandler cut their target price on PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 28th. Credit Suisse Group cut their price objective on shares of PennyMac Mortgage Investment Trust to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, May 19th. TheStreet lowered PennyMac Mortgage Investment Trust from a “c-” rating to a “d” rating in a report on Friday, May 6th. StockNews.com cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, June 28th. Finally, Jonestrading dropped their price target on PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a research note on Friday, May 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, PennyMac Mortgage Investment Trust has an average rating of “Moderate Buy” and an average target price of $18.03.
PMT stock opened at $14.34 on Friday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -19.64 and a beta of 1.10. PennyMac Mortgage Investment Trust has a 1 year low of $11.64 and a 1 year high of $21.11. The stock’s fifty day moving average is $15.04 and its two-hundred day moving average is $16.12.
A number of large investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in shares of PennyMac Mortgage Investment Trust by 98.7% during the fourth quarter. Invesco Ltd. now owns 2,230,488 shares of the real estate investment trust’s stock worth $38,654,000 after buying an additional 1,107,783 shares in the last quarter. Greenwich Investment Management Inc. acquired a new stake in PennyMac Mortgage Investment Trust during the 4th quarter worth approximately $9,430,000. Goldman Sachs Group Inc. lifted its holdings in PennyMac Mortgage Investment Trust by 6.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,022,501 shares of the real estate investment trust’s stock worth $87,040,000 after purchasing an additional 305,375 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in PennyMac Mortgage Investment Trust by 866.9% during the 4th quarter. Renaissance Technologies LLC now owns 283,300 shares of the real estate investment trust’s stock worth $4,910,000 after purchasing an additional 254,000 shares during the last quarter. Finally, Morgan Stanley increased its stake in PennyMac Mortgage Investment Trust by 20.5% during the 3rd quarter. Morgan Stanley now owns 1,018,590 shares of the real estate investment trust’s stock worth $20,056,000 after acquiring an additional 173,383 shares during the period. 70.77% of the stock is currently owned by hedge funds and other institutional investors.
PennyMac Mortgage Investment Trust Company Profile (Get Rating)
PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company’s Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.
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