PennyMac Mortgage price target raised to $15.50 from $15 at JMP Securities

JMP Securities raised the firm’s price target on PennyMac Mortgage to $15.50 from $15 and keeps an Outperform rating on the shares. The Mortgage REIT Q2 earnings season kicks off before market open on Monday, July 22, the analyst tells investors in a research note. The firm’s estimates reflect an average 5.5% book value decline in 2Q24 for the Agency names and an average 0.5% decline for the Hybrid group.