PennyMac Mortgage Investment Trust (PMT) : Traders are bullish on PennyMac Mortgage Investment Trust (PMT) as it has outperformed the S&P 500 by a wide margin of 1.85% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.86%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.03% in the last 1 week, and is up 1.3% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 2.12% and the 50-Day Moving Average is 0.91%.The 200 Day SMA reached 10.37%
PennyMac Mortgage Investment Trust (NYSE:PMT): After opening at $15.56, the stock dipped to an intraday low of $15.49 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $15.65 and the buying power remained strong till the end. The stock closed at $15.58 for the day, a gain of 0.78% for the day session. The total traded volume was 579,213. The stocks close on the previous trading day was $15.58.
PennyMac Mortgage Investment Trust (PMT) has been rated by 3 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $18 and the lowest price target forecast is $15. The average forecast of all the analysts is $16 and the expected standard deviation is $1.73.
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 Companys 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 Companys 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.