PennyMac Mortgage Investment Trust (NYSE:PMT) Price target lowered to $18.00 at B. Riley

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PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) saw its price target lowered by B. Riley Research analysts from $21.00 to $18.00 in a research report released Friday to clients and investors, The Fly reports. The brokerage currently has a “buy” rating on the shares of the real estate investment trust. B. Riley’s price target would indicate a potential upside of 25.52% from the company’s current price. B. Riley also released estimates for PennyMac Mortgage Investment Trust 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 subject of a number of other reports. Piper Sandler cut her price target on PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an “overweight” rating on the stock in a Tuesday, June 28 research note. Credit Suisse Group cut its price target on shares of PennyMac Mortgage Investment Trust to $17.00 and set a “neutral” rating on the stock in a Thursday, May 19 research note. TheStreet downgraded PennyMac Mortgage Investment Trust from a “c-” rating to a “d” rating in a Friday, May 6 report. StockNews.com upgraded PennyMac Mortgage Investment Trust from a “hold” to a “sell” rating in a Tuesday, June 28 research note. Finally, Jonestrading lowered its price target on PennyMac Mortgage Investment Trust from $18.50 to $18.00 in a Friday May 6 research note. One research analyst has assigned the stock a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat data, 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 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-earnings ratio of -19.64 and a beta of 1.10. PennyMac Mortgage Investment Trust has a 1-year minimum of $11.64 and a 1-year maximum 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 increased or reduced their stakes in the company. Invesco Ltd. increased its holdings of PennyMac Mortgage Investment Trust shares by 98.7% during the fourth quarter. Invesco Ltd. now owns 2,230,488 shares of the real estate investment trust worth $38,654,000 after purchasing an additional 1,107,783 shares last quarter. Greenwich Investment Management Inc. acquired a new stake in PennyMac Mortgage Investment Trust during the 4th quarter for a value of approximately $9,430,000. Goldman Sachs Group Inc. increased its stake in PennyMac Mortgage Investment Trust by 6.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,022,501 shares of the real estate investment trust worth $87,040,000 after buying an additional 305,375 shares in the last quarter. Renaissance Technologies LLC increased its stake 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 worth $4,910,000 after purchasing an additional 254,000 shares in the last quarter. Finally, Morgan Stanley increased its stake in PennyMac Mortgage Investment Trust by 20.5% during the third quarter. Morgan Stanley now owns 1,018,590 shares of the real estate investment trust worth $20,056,000 after acquiring an additional 173,383 shares during the period. 70.77% of the shares are currently held by hedge funds and other institutional investors.

Company Profile PennyMac Mortgage Investment Trust (Get an assessment)

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily 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 subordinated non-agency bonds.

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