Cantor Fitzgerald Cuts Price Target on PennyMac (PMT), Makes Positive Comments for the Future
Tweet
Share
E-mailGet Alerts PMT Hot Sheet
Price: $9.45 -0.42%
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Cantor Fitzgerald is reiterating its Buy rating on shares of PennyMac Mortgage Investment Trust (NYSE: PMT), but is lowering its price target slightly from $21 to $19.75.
The company released its Q2 results with EPS of $0.59 and raised its dividend for the quarter from $0.42 to $0.50. PMT also announced a strong outlook for the second half as Q3 and Q4 are expected to see nice gains.
As a result the firm increased its dividend payout estimate for the second half of 2011 to $1.00 and its payout for 2012 from $1.76 to $2.60. They continue to believe that PennyMac is well-positioned for a transition in the mortgage market.
The firm left a meeting with upper management impressed with the company's substantial infrastructure and expertise, state-of-the-art servicing platform, and progress in developing its correspondent lending operations.
An analyst at Cantor Fitzgerald comments, "We expect the market for buying distressed mortgages to be attractive for at least another 12 months. At that time, if not before, we expect PennyMac to transition its strategy to include a bigger role for its mortgage securitization conduit."
For more ratings news on PennyMac Mortgage Investment Trust click here and for the rating history of PennyMac Mortgage Investment Trust click here.
Shares of PennyMac Mortgage Investment Trust closed at $16.65 yesterday.
The company released its Q2 results with EPS of $0.59 and raised its dividend for the quarter from $0.42 to $0.50. PMT also announced a strong outlook for the second half as Q3 and Q4 are expected to see nice gains.
As a result the firm increased its dividend payout estimate for the second half of 2011 to $1.00 and its payout for 2012 from $1.76 to $2.60. They continue to believe that PennyMac is well-positioned for a transition in the mortgage market.
The firm left a meeting with upper management impressed with the company's substantial infrastructure and expertise, state-of-the-art servicing platform, and progress in developing its correspondent lending operations.
An analyst at Cantor Fitzgerald comments, "We expect the market for buying distressed mortgages to be attractive for at least another 12 months. At that time, if not before, we expect PennyMac to transition its strategy to include a bigger role for its mortgage securitization conduit."
For more ratings news on PennyMac Mortgage Investment Trust click here and for the rating history of PennyMac Mortgage Investment Trust click here.
Shares of PennyMac Mortgage Investment Trust closed at $16.65 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
- Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
- McGraw Hill (MH) PT Raised to $15 at UBS
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Cantor Fitzgerald, DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
