PennyMac Mortgage Investment Trust (PMT) is Downgraded by BofA/Merrill to Underperform

PennyMac Mortgage Investment Trust (PMT) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Jul 12, 2016.

On the company’s financial health, PennyMac Mortgage Investment Trust reported $0.20 EPS for the quarter, missing the analyst consensus estimate by $ -0.18 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.38. The company had revenue of $54.40 million for the quarter, compared to analysts expectations of $71.07 million. The company’s revenue was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 EPS.

PennyMac Mortgage Investment Trust opened for trading at $16.55 and hit $16.93 on the upside on Monday, eventually ending the session at $16.88, with a gain of 1.99% or 0.33 points. The heightened volatility saw the trading volume jump to 16,80,340 shares. Company has a market cap of $1,158 M.

In a different news, on Jun 6, 2016, Gregory L Hendry (Chief Accounting Officer) sold 525 shares at $15.71 per share price. According to the SEC, on Jun 6, 2016, Stacey D. Stewart (director) sold 647 shares at $15.71 per share price. On Jun 6, 2016, David Spector (President and COO) sold 8,235 shares at $15.79 per share price, according to the Form-4 filing with the securities and exchange commission.

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations and makes all of its investments through PennyMac Operating Partnership L.P. and its subsidiaries. The Company operates through two segments. The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (MBS) using the services of PNMAC Capital Management and PennyMac Loan Services LLC. The investment activities segment represents the Company’s investments in mortgage-related assets which include distressed mortgage loans real estate acquired in settlement of loans MBS mortgage servicing rights and excess servicing spread.

PennyMac Mortgage Investment Trust

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