PennyMac Mortgage Outperforms Its Peers With an Increase in Book Value Per Share
The past year has been extremely difficult for companies in the mortgage industry. As the Federal Reserve hiked the Fed funds rate at the most aggressive pace in decades, mortgage originators struggled with ever-declining volumes. That led to mortgage real estate investment trusts (mortgage REITs) being beset by interest rate volatility.
PennyMac Mortgage Investment Trust (NYSE: PMT) is an originator and mortgage REIT, and it would seem a likely candidate to get hit as well. And yet it reported an increase in book value in the first quarter of 2023. What is this REIT doing right?
Image source: Getty Images.
Source Fool.com
PennyMac Mortgage Investment Trust Stock
€12.50
-0.790%
Currently there is a rather positive sentiment for PennyMac Mortgage Investment Trust with 5 Buy predictions and 0 Sell predictions.
With a target price of 14 € there is a slightly positive potential of 12.0% for PennyMac Mortgage Investment Trust compared to the current price of 12.5 €.
