Piper Sandler lowered the firm’s price target on PennyMac Mortgage to $14.50 from $15 and keeps a Neutral rating on the shares following Q2 earnings. PennyMac generated GAAP EPS of 17c versus the firm’s 31c estimate driven by fair value declines in the interest rate sensitive strategies as a result of elevated volatility and lower than expected CRT gains.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PMT:
- Is PMT a Buy, Before Earnings?
- PennyMac Mortgage price target raised to $15.50 from $15 at JMP Securities
- PennyMac Mortgage upgraded to Outperform from Market Perform at Keefe Bruyette
- PennyMac Mortgage files automatic mixed securities shelf
- PennyMac Mortgage Announces Board Appointment and Shareholder Decisions