Why Has Barclays Given PennyMac Mortgage (NYSE:PMT) a $21 Price Target
The financial firm Barclays has today have initiated coverage on PennyMac Mortgage (NYSE:PMT) shares, with a “Overweight” rating, while stating the target price at $21.
From a total of 8 analysts covering PennyMac Mortgage Investment Trust (NYSE:PMT) stock, 6 rate it a ”Buy”, 0 a “Sell”, and 2 a ”Hold”. This means that 75% of the ratings are positive. The highest target price is $20.5 while the lowest target price is $16. The mean of all analyst targets is $18.88 with a 14.45% above today’s ($16.06) stock price. PennyMac Mortgage Investment Trust was the topic of 5 analyst reports since July 27, 2015 according to the firm StockzIntelligence Inc. Citigroup downgraded shares on August 7 to “Neutral” rating.
Approximately 492,169 shares of stock traded hands. PennyMac Mortgage Investment Trust (NYSE:PMT) has declined 15.90% since May 7, 2015 and is downtrending. It has underperformed by 13.97% the S&P500.
The overall sentiment of institutions has increased to 1.09 in Q2 2015. Its up 0.06, from 1.03 in 2015Q2. The ratio is positive, as 28 institutions have sold all the shares of PennyMac Mortgage Investment Trust that they owned while 40 funds have taken shares off the table. 21 funds have purchased shares for the first time while 53 added to their positions. These institutions now hold 43.79 million shares or 12.44% less than the 50.02 million shares they owned in 2015Q2.
The Fund Greenwich Investment Management Inc. currently is holding shares equating to 9.45% of its total portfolio in PennyMac Mortgage Investment Trust representing a total of 574,555 shares. Another fund,Key Colony Management Llc, is holding a total of 102,500 shares equating to 2.11% of their holdings. Additionally, Long Pond Capital Lp has a 2.60 million share stake in PennyMac Mortgage Investment Trust which represents 1.75% of their total portfolio. The Fund, Kazazian Asset Management Llc, based out of New York, has also built up a stake in the stock, which represents a total of 1.66% of their total portfolio. Finally Round Table Investment Management Company Lp, a fund which is based in the state of North Carolina reported a total holdings of 77,204 shares.
PennyMac Mortgage Investment Trust is a specialty finance firm that invests primarily in residential mortgage loans and mortgage-related assets. The company has a market cap of $1.15 billion. The Firm conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. It has 13.5 P/E ratio. The Firm operates through two divisions.
According to Zacks Investment Research, “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.” Get a free copy of the Zacks research report on PennyMac Mortgage Investment Trust (PMT).