Credit Suisse Maintains Their Buy Rating on PennyMac Mortgage (PMT)


Credit Suisse analyst Douglas Harter maintained a Buy rating on PennyMac Mortgage (PMT) on September 21. The company’s shares closed last Wednesday at $16.05.

According to TipRanks.com, Harter is a 5-star analyst with an average return of 10.4% and a 63.4% success rate. Harter covers the Financial sector, focusing on stocks such as Ellington Residential Mortgage, Arlington Asset Investment, and ARMOUR Residential REIT.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for PennyMac Mortgage with a $19.50 average price target.

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The company has a one-year high of $23.79 and a one-year low of $3.50. Currently, PennyMac Mortgage has an average volume of 1.07M.

Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PMT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets. The Credit Sensitive Strategies segment includes investments in distressed mortgage loans, real estate acquired in settlement of mortgage loans, real estate held for investment, credit risk transfer agreements, non-agency subordinated bonds, and small balance commercial real estate mortgage loans. The Interest Rate Sensitive Strategies segment focuses on investments in mortgage servicing rights, excess servicing spread, agency and senior non-agency mortgage-backed securities, and the related interest rate hedging activities. The Corporate segment consists of certain interest income, management fee, and corporate expense amounts. The company was founded by Stanford L. Kurland on May 18, 2009 and is headquartered in Westlake Village, CA.

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