PennyMac Mortgage Investment Trust (PMT) PT Lowered to $14.50 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the price target on PennyMac Mortgage Investment Trust (NYSE: PMT) to $14.50 (from $15.00) while maintaining a Neutral rating.

The analyst commented, "We are reiterating our Neutral rating and decreasing our price target to $14.50 from $15 following 2Q24 earnings. PMT generated GAAP EPS of $0.17 versus our $0.31 estimate driven by fair value declines in the interest rate sensitive strategies as a result of elevated volatility and lower than expected CRT gains. Operating EPS of $0.28 was below our $0.37 estimate driven by lower net investment income. PMT recorded a decline in book value and management now estimates the current operating run rate for EPS to be closer to $0.33 versus $0.35 previously. Operating EPS remains below the $0.40 quarterly dividend and we believe PMT is trading close to fair value at 0.9x P/TBV while producing <10% operating ROTE."

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