In a report issued on September 14, Douglas Harter from Credit Suisse maintained a Buy rating on PennyMac Mortgage (PMT). The company’s shares closed last Thursday at $17.33.
According to TipRanks.com, Harter is a 5-star analyst with an average return of 12.4% and a 66.1% 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 $19.40 average price target.
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Based on PennyMac Mortgage’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $476 million and net profit of $465 million. In comparison, last year the company earned revenue of $41.47 million and had a net profit of $44.23 million.
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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.
