Wells Fargo Sticks to Their Hold Rating for PennyMac Mortgage (PMT)

Wells Fargo Sticks to Their Hold Rating for PennyMac Mortgage (PMT)

Wells Fargo analyst Michael Kaye maintained a Hold rating on PennyMac Mortgage (PMT) yesterday. The company’s shares closed last Monday at $18.50.

According to TipRanks.com, Kaye is ranked #1368 out of 6880 analysts.

Currently, the analyst consensus on PennyMac Mortgage is a Moderate Buy with an average price target of $19.83, which is a 10.8% upside from current levels. In a report issued on August 3, Wedbush also maintained a Hold rating on the stock with a $18.00 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 1.62M.

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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.

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