Wells Fargo Downgrades PennyMac Mortgage Investment Trust (PMT) to Market Perform

Wells Fargo downgraded PennyMac Mortgage Investment Trust (NYSE: PMT) from Outperform to Market Perform.

Analyst Joel Houck said, "We are removing PMT from our Priority Stock List and downgrading to Market Perfom based on 1) lower production and profitability in the correspondent channel; and 2) PMT indicated current market conditions for distressed loans are less attractive and below the company's targeted returns, thus we see slower growth in the NPL portfolio."

For an analyst ratings summary and ratings history on PennyMac Mortgage Investment Trust click here. For more ratings news on PennyMac Mortgage Investment Trust click here.

Shares of PennyMac Mortgage Investment Trust closed at $23.33 yesterday.

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