Tue, Jul. 12, 1:15 PM
Tue, Jun. 28, 8:38 AM
Thu, Jun. 9, 11:38 AM
- The company is making solid progress on transitioning its business model towards investments sourced through its correspondent business, says Credit Suisse's Douglas Harter, boosting his price target on PennyMac Mortgage Investment Trust (PMT +0.9%) to $18 from $16. The current price is $16.
- He lifts his 2017 EPS estimate to $1.90 from $1.80, and 2018 to $1.95 from $1.90. 2016 is raised to $1.80 from $1.55.
- Douglas Harter ranks #2,138 out of $3,990 analysts on TipRanks.com.
Fri, May 6, 7:51 AM
- Q1 net income of $14.5M down 8% Q/Q; EPS of $0.20 down 5%. Dividend is $0.47.
- Book value per share of $20.59 rises from $20.28 three months earlier.
- 5.3M shares bought back during quarter for $65.8M.
- CEO Stan Kurland: “We are disappointed in PMT’s financial performance for the first quarter ... We are focused on executing strategic initiatives that we believe will enhance value for PMT shareholders."
- Previously: PennyMac Mortgage reports Q1 results (May 5)
- PMT flat premarket
Thu, May 5, 4:56 PM
Wed, May 4, 5:35 PM
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Mon, Apr. 11, 12:49 PM
- Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
- With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
- The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
- CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
- ETFs: MORL, REM, MORT
- Now read: Annaly: Boom Goes The Dynamite (April 11)
Mon, Mar. 28, 4:44 PM
Thu, Feb. 4, 12:48 PM
Thu, Feb. 4, 9:45 AM
- "PMTs investment returns underperformed our expectations in the fourth quarter due to a combination of factors, the largest of which was reduced earnings from our distressed loan portfolio driven by higher yield requirements and lower home prices versus prior forecasts," says CEO Stan Kurland. The distressed mortgage portfolio yielded gains of just $2M in Q4 vs. $31.9M in Q3.
- Net income of $15.7M fell 60% from Q3; per share of $0.21 fell 57%. Net investment income of $50.6M fell 44%.
- Book value per share of $20.28 slipped from $20.52.
- Investment Activities segment yielded a quarterly loss of $6.131M vs. a profit of $34.9M in Q3.
- The MSR portfolio grew to $42.3B in UPB from $39.9B.
- Correspondent Production segment looks better, with pretax income of $13.1M vs. $10.2M in Q3.
- The conference call comes at 4:30 ET
- Previously: PennyMac Mortgage reports Q4 results (Feb. 3)
- PMT -15.4% to $11.58.
Wed, Feb. 3, 5:12 PM
- PennyMac Mortgage (NYSE:PMT): Q4 EPS of $0.21
- Net interest income of $7.9M
Tue, Feb. 2, 5:35 PM
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Wed, Jan. 20, 9:54 AM
- Unbridled selling of the mortgage-related names continues in today's session.
- A sampling: PennyMac (PMT -3.9%), Ocwen (OCN -12.8%), Walter Investment (WAC -1.4%), Nationstar Mortgage (NSM -4.3%), New Residential (NRZ -3.8%), Altisource Portfolio (ASPS -12.2%).
- There's a general market panic going on, but there's also a plunge in interest rates which lowers the value of servicing portfolios as it makes refinancings more likely. Indeed, the MBA earlier today reported a 19% increase in mortgage refis last week.
- Owcen and New Residential come to mind as two with active buyback programs in place.
Tue, Jan. 19, 11:43 AM
- The best thing that can be said about the market reaction today, is that New Residential (NRZ -0.6%) isn't down as much as the other mortgage-related names (REM -1.8%) which continue to be mercilessly pounded.
- PennyMac (PMT -4.5%), Ocwen (OCN -3.7%), Walter Investment (WAC -4.8%), Stonegate (SGM -3.4%), Armour (ARR -3.5%), Invesco (IVR -2.4%), New York Mortgage (NYMT -4.1%), Apollo Residential (AMTG -3.1%), AG Mortgage (MITT -3.4%), Five Oaks (OAKS -6.7%), American Capital (MTGE -2%), Two Harbors (TWO -2.2%), Chimera (CIM -3.4%).
- Citi's Michael Kaye - who rates NRZ a Buy - says the repurchase plan makes sense given the stock trades at just 0.84x book and yields 18%. Depending on how the buyback is funded, it could add up to a couple of hundred basis points of accretion. It also sends a signal to the markets about management's belief in the stock's value. Management gave little detail on a timetable.
- Previously: New Residential steps in with $200M repurchase plan (Jan. 19)
Wed, Jan. 13, 1:14 PM
- It wasn't supposed to be this way after the Fed embarked on a rate hike cycle as these yield-starved names could finally look forward to earning a better spread on their money.
- Since the Fed hiked last month, however, the long bond yield has tumbled about 20 basis points, further narrowing the yield curve.
- With today's 1.3% decline, the XLF is lower by 7.6% YTD, about 200 basis points worse than the S&P 500 (but about 250 basis points better than the energy sector).
- TBTFs: Morgan Stanley (MS -3.9%), Goldman Sachs (GS -2.3%), Citigroup (C -1.8%)
- Regionals: U.S. Bancorp (USB -2%), Regions Financial (RF -3.4%), New York Community Bancorp (NYCB -2.2%)
- Mortgage-related names like Ocwen (OCN -6.2%), Nationstar (NSM -5.3%), Walter Investment (WAC -13.9%), and New Residential (NRZ -5.3%) have come in for particular punishment this day and this year. The mortgage REITs too: Hatteras Financial (HTS -4.4%), Western Asset (WMC -3.6%), New York Mortgage (NYMT -2.3%), Five Oaks (OAKS -5.2%), PennyMac (PMT -2.6%)
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ, XLFS
Tue, Jan. 12, 3:17 PM
- The 10-year Treasury yield is off eight basis points on the session at 2.10%, and now lower by about 20 basis points since the Fed Funds rate got hiked 25 basis points less than a month ago - probably not the best scenario for mREIT earnings going forward.
- Other income favorites like equity REITs, BDCs, and utilities (XLU -0.8%) are also being aggressively sold today.
- Annaly Capital (NLY -1.8%), American Capital Agency (AGNC -1.7%), Armour Residential (ARR -2.4%), Two Harbors (TWO -2%), CYS Investments (CYS -1.9%), Invesco (IVR -2.3%), New York Mortgage (NYMT -2.3%), Hatteras (HTS -3.2%), Capstead (CMO -3.6%), Western Asset (WMC -2.9%), Apollo Residential (AMTG -3.6%), Dynex (DX -3.1%), Ellington Residential (EARN -3.5%), AG Mortgage (MITT -3.2%), PennyMac (PMT -4.9%), FIve Oaks (OAKS -5.7%)
- ETFs: MORL, REM, MORT, LMBS
PennyMac Mortgage Investment Trust is a specialty finance company which through its subsidiaries invests primarily in residential mortgage loans and mortgage-related assets. It operates through two segments: Correspondent Lending and Investment Activities. The Correspondent Lending segment... More
Industry: REIT - Residential
Country: United States
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