PennyMac Mortgage Investment Trust (PMT) PT Raised to $21 at Barclays

Barclays analyst Mark DeVries raised the price target on PennyMac Mortgage Investment Trust (NYSE: PMT) to $21.00 (from $19.00) while maintaining a Equalweight rating.

PMT has reduced its exposure to distressed loans in the last few years, the company has concurrently grown its CRT and MSR portfolios that have improved its overall blended ROE. After taking a closer look at PMT’s CRT strategy, DeVries feels the company is uniquely positioned, through its PFSI partnership, to continue organically growing its CRT insestments at very advantageous terms that could eventually push overall ROEs for PMT towards the mid-teens.

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