PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Rating Upgraded by Keefe, Bruyette & Woods

PennyMac Mortgage Investment Trust (NYSE:PMT) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat reports. The firm presently has a $15.50 target price on the real estate investment trust’s stock, up from their prior target price of $15.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 6.02% from the stock’s current price.

A number of other analysts have also commented on the stock. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 18th. Piper Sandler reissued a “neutral” rating and issued a $15.00 price objective (up previously from $14.50) on shares of PennyMac Mortgage Investment Trust in a report on Thursday, May 9th. Finally, Wedbush reissued a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Monday, April 29th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.00.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $14.62 on Wednesday. The company has a 50 day moving average price of $14.01 and a 200-day moving average price of $14.19. PennyMac Mortgage Investment Trust has a 52 week low of $10.52 and a 52 week high of $15.89. The firm has a market capitalization of $1.27 billion, a PE ratio of 9.75 and a beta of 1.51. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 1.37.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently added to or reduced their stakes in PMT. Norges Bank purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $9,781,000. International Assets Investment Management LLC lifted its holdings in PennyMac Mortgage Investment Trust by 1,307.8% during the fourth quarter. International Assets Investment Management LLC now owns 325,910 shares of the real estate investment trust’s stock valued at $4,872,000 after purchasing an additional 302,760 shares in the last quarter. Jane Street Group LLC lifted its holdings in PennyMac Mortgage Investment Trust by 124.7% during the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after purchasing an additional 161,723 shares in the last quarter. Advisors Preferred LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $2,105,000. Finally, O Shaughnessy Asset Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 173.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after buying an additional 98,500 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.