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PennyMac Mortgage Investment Trust (PMT)

NYSE - NYSE Delayed Price. Currency in USD
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17.44+0.15 (+0.87%)
At close: 4:00PM EST

17.44 0.00 (0.00%)
After hours: 4:19PM EST

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  • T
    Why tanking today?
  • r
    I started following "lionstock-aletrs” (Gooogle it - off course without any space or dash in between the words) and their notifications are better than anyone else.
  • R
    Went to Penny website and read their March 16 comments to investors. I was an Accountant but even with that background, it's a tough read. Penny is a specialized finance company and getting a grasp on their business model is not easy for someone not in that business. However after 2 reads, I did end with greater confidence about its continuing earnings potential. With that, of course, comes dividends.
  • K
    PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $458.4 million, or $4.51 per common share on a diluted basis for the second quarter of 2020, on net investment income of $558.3 million. PMT previously announced a cash dividend for the second quarter of 2020 of $0.40 per common share of beneficial interest, which was declared on June 19, 2020 and paid on July 30, 2020 to common shareholders of record as of July 15, 2020.

    Second Quarter 2020 Highlights

    Financial results:

    Net income attributable to common shareholders of $458.4 million, up from a net loss attributable to common shareholders of $600.9 million in the prior quarter
    Driven by record Correspondent Production segment results and partial recovery in the fair value of government-sponsored enterprised (GSE) credit risk transfer (CRT) investments from depressed levels at March 31, 2020 as a result of market dislocations related to COVID-19
    ‒ Partially offset by fair value losses on mortgage servicing rights (MSR) as a result of higher than anticipated prepayments during the quarter and expectations for higher prepayments in the future driven by lower rates, and losses on interest rate hedges driven by elevated hedge costs and fair value losses on options used to hedge MSRs as volatility decreased by June 30, 2020
    Book value per common share of $19.39 at June 30, 2020, up from $15.16 at March 31, 2020
  • J
    So happy that I didn't sell on the way down. It is one of my top holdings with a good dividend. Wish I had the confidence to have bought more when it went down to the low single digits. But it's still good. Stay long
  • J
    PMT has a book value of 19.90, so it looks like it can maintain paying their .47 div for quite a while. It has been paying that for several years and it probably will continue until it's earnings recover above that amount. It would have reduced the div this quarter if they had a mind to, but they left it at .47. I expected them to do so, but they surprized me. I'm glad I got long before they announced the div. Based on management being able to make this turnaround I;ll be buying more. Where can you get such a great return?
  • g
    I am new at purchasing stocks that pay dividends. I purchased PMT. Did it for long term, good move?
  • K
    Credit Suisse Lifts PT on PennyMac Mortgage Investment to $22 From $19 on Strong Origination Results, Improved Liquidity Outlook; Maintains Outperform
  • Y
    Yahoo Finance Insights
    PennyMac Mortgage is up 5.01% to 15.72
  • K
    Solid report-----------------------

    WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Mortgage Investment Trust ( PMT
    ) today reported a net loss attributable to common shareholders of $600.9 million, or $5.99 per common share for the first quarter of 2020, on net investment losses of $506.5 million. PMT previously announced a cash dividend for the first quarter of 2020 of $0.25 per common share of beneficial interest, which was declared on March 25, 2020 and paid on April 30, 2020 to common shareholders of record as of April 15, 2020.

    First Quarter 2020 Highlights

    Financial results:

    Net loss attributable to common shareholders of $600.9 million, versus net income attributable to common shareholders of $52.4 million in the prior quarter
    Driven by non-cash fair value losses on government-sponsored enterprise (GSE) credit risk transfer (CRT) investments related to the COVID-19 crisis, partially offset by outsized results in the interest rate sensitive strategies segment resulting from substantial gains on interest rate hedge instruments and record correspondent production results
    Book value per common share of $15.16 at March 31, 2019, down from $21.37 at December 31, 2019
    Other investment and financing highlights:

    Investment activity driven by strong correspondent production volumes
    Conventional correspondent loan production totaled $18.0 billion in unpaid principal balance (UPB), down 20 percent from the prior quarter and up 100 percent from the first quarter of 2019
    CRT deliveries totaled $14.7 billion in UPB, resulting in a firm commitment to purchase $555 million of CRT securities
    Added $249 million of new mortgage servicing rights (MSR) investments
    Raised $5.6 million in February through the “At-The-Market” equity program, issuing 241,000 shares at a weighted average price of $23.46; repurchased approximately 783,000 PMT common shares in March at a weighted average price of $7.39, or a total cost of $5.8 million
    Notable activity after quarter end:

    Retired the 5.375% senior exchangeable unsecured notes due May 1, 2020
    Repurchased $123.6 million in principal of the notes at a weighted average price of 98.6 percent of par value, resulting in total savings of approximately $2.2 million
    Repaid the remaining $126.4 million in principal of the notes on the maturity date (May 1)
    “PMT’s financial results in the first quarter reflected the extreme market dislocations resulting from the COVID-19 crisis and were driven by non-cash fair value losses on CRT investments partially offset by outstanding performance from the interest rate sensitive strategies and correspondent production,” said President and CEO David Spector. “We believe that the fair value losses recognized on our CRT investments in the first quarter are outsized compared to the additional losses from borrower defaults that we expect to incur over the life of these investments. Furthermore, PFSI, PMT’s manager and subservicer, is well-positioned to refinance qualifying borrowers and successfully manage forbearance and other assistance programs to reduce the likelihood of borrower default and ultimate credit losses.”

    Mr. Spector continued, “We believe that PMT’s performance during this crisis and the strength of PMT’s liquidity and capital position are the direct result of our manager’s steadfast focus on risk management, including interest rate, credit and operational risk disciplines, throughout our more than 10-year history. Unlike other market participants, PMT has not sold any assets to raise liquidity; and as a result of the innovative term financing structure we put in place, PMT has not been subject to margin calls for its CRT investments. While we have curtailed new investments in CRT, recent market dislocations have expanded the opportunity for PMT as certain competitors have limited or reduced their participation in what was already a capacity constrained industry. Looking ahead, we expect improved financial performance and are confident in the return potential of PMT’s investment strategies.”
  • G
    back to .40 per share on the dividend. should be a nice pop on Monday. just wish I could afford more.
  • A
    In today at $9.43. BV is much higher. Will get paid fat dividends while I wait. mREITs are quite complex, but good investments if played well.
  • J
    Anyone with investors knowledge have any idea why PMT is dropping so much?
  • D
    Latest news: Treasury Secretary Steven Mnuchin said in an interview late Thursday that the Trump administration has no plans to fund a Federal Reserve credit facility to finance MBS servicers impacted by COVID-19-related forbearances. The Treasury Department has not yet confirmed the story, first reported in a tweet by Bloomberg’s Saleha Mohsin.
    The situation at press time: Mnuchin told Bloomberg that a Fed facility was no longer warranted, given the recent efforts by Ginnie Mae and the Federal Housing Finance Agency to ease the industry’s liquidity concerns.
    The Ginnie Mae PTAP facility, announced earlier this month, will provide financing on servicers’ principal and interest advances. (Already, at least three Ginnie MBS servicers have used PTAP for assistance.)
    Over at the FHFA, the regulator/conservator this week announced that servicers of Fannie Mae and Freddie Mac loans will only be responsible for bond advances for 120 days. In addition, servicers are permitted to make interest-only advances.
    What does the mortgage industry make of this latest development from Treasury? In a note released Friday morning, Keefe, Bruyette & Woods Managing Director Bose George appeared to minimize the impact of the administration’s stance: “While we would expect the shares of mortgage servicers to be weak, we believe that large servicers (including the companies in our coverage universe) have the liquidity to withstand a fairly large increase in forbearances and/or delinquencies.”
    Indeed, in the afternoon the share price of nonbank bellwethers PennyMac Financial and Mr. Cooper was down slightly.
    However, George did hedge that optimism slightly, noting that, if conditions in the mortgage industry deteriorate significantly, he expects Treasury and the Fed to “revisit this issue.”
  • G
    From the outside, I have no idea what's going on with PMT. It's been so solid over the last few years. Either it's going to go out of business or it's priced insanely low and this is a huge buying opportunity. I wish I knew which one!
  • K
    I've held PMT for years and you'd be hard pressed to find a better yield in this space. I view this stock as more of a CEF than a single equity position. The daily price fluctuation don't even register on my radar as the yield has been very consistent over the years.
  • J
    Looks like people have gathered their selves and are making better sense of the market. I have been paying PennyMac Mortgage for the past 10 years 3.34% interest rate. They are a very good company. I decided to purchase their stock. $4.90 per share / $5.30 per share was u just to cheap to pass up. Hope it go's back to March 1st price $21-$22 in the next few months and keep it's divy payment. That would be AWESOME!!!!
  • J
    Jim Bo
    Is this a good stock to buy?
  • J
    Two just announced margin calls have been met . Also Fed is helping with liquidity . We should be back in double digits very soon and 20 + in less than a year
  • S
    why the big drop today after good results?