PennyMac Mortgage Investment Trust (PMT) - NYSE
  • Jun. 25, 2015, 4:17 PM
    • The XLU underperformed again today, losing 0.7% and bringing its year-to-date decline to more than 12%.
    • Looking at equity REITs, the IYR dipped another 0.95% and VNQ fell 1%. Both are down about 6% in 2015, and roughly 15% since late January. Some individual names: Spirit Realty (SRC -2.8%), Senior Housing (SNH -1.2%), HCP (HCP -1.4%), American Realty Capital (ARCP -3%), Gramercy Property (GPT -2.8%), Duke Realty (DRE -2%).
    • In mortgage REITs, REM lost 0.9% today and is off 7% YTD. Some individual names: American Capital Agency (AGNC -1.2%), Armour (ARR -1%), CYS Investments (CYS -0.9%), Annaly Capital (NLY -0.8%), Invesco Mortgage (IVR -1.2%), Apollo Residential (AMTG -1.1%), PennyMac Mortgage (PMT -2.3%), Western Asset Mortgage (WMC -2.7%).
    • The 10-year Treasury yield gained three basis points to 2.40%.
    • Previously: Sell-side abandoning REITs as rates rise (June 25)
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Jun. 25, 2015, 4:17 PM | 74 Comments
  • May 7, 2015, 8:38 AM
    • Q1 net income of $7.5M or $0.09 per share down more than 70% from Q4. Pretax loss of $3.8M vs. income of $11.9M in Q4.
    • Net investment income of $37.7M down 29%.
    • Book value per share of $20.68 slips from $21.18.
    • Investment Activities Segment pretax loss of $8.2M on revenue of $18.9M vs. a gain of $11M on revenue of $38.8M in Q4. Valuation loss of $13.7M on MBS holdings. Net servicing fees of $8M down from $11.2M thanks to MSR valuation losses as rates dropped.
    • Distressed Mortgage Investments gains of $17.2M vs. $20.7M in Q4. The NPL portfolio had fewer loans transitioning from severely delinquent to foreclosure, and fewer loans transitioning into reperformance.
    • Previously: PennyMac Mortgage reports Q1 results (May 6)
    • PMT -1.6%
    | May 7, 2015, 8:38 AM
  • May 6, 2015, 4:39 PM
    • PennyMac Mortgage (NYSE:PMT): Q1 EPS of $0.09
    • Net investment income of $37.65M (-50.8% Y/Y)
    | May 6, 2015, 4:39 PM | 2 Comments
  • Apr. 30, 2015, 3:15 PM
    • A big rise in interest rates early in the session made for a good excuse to sell REITs, but - with the averages sharply lower - rates have reversed course. Still, the sector can't catch a bid, with many of the bigger names down way more than the broader market.
    • Equity REITs: Realty Income (O -2.3%), Health Care REIT (HCN -3.2%), Ventas (VTR -3.2%), HCP (HCP -3.1%), Equity Residential (EQR -2.6%), Silver Bay Realty (SBY -2.5%), General Growth Properties (GGP -2.4%), Retail Opportunity (ROIC -3.9%), Boston Properties (BXP -2.4%), Hospitality Properties (HPT -2.9%)
    • Mortgage REITs: Armour Residential (ARR -5.6%) - which reported another weak quarter overnight, Two Harbors (TWO -1.1%), Western Asset (WMC -1.3%), Arlington Asset (AI -2.8%), PennyMac (PMT -1.5%). When things get tough, money does have a tendency to flow into the sector giants though: Annaly Capital (NLY -0.4%) and American Capital Agency (AGNC +0.3%) are notable outperformers on the session.
    • ETFs: IYR, VNQ, DRN, URE, REZ, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
    | Apr. 30, 2015, 3:15 PM | 43 Comments
  • Apr. 6, 2015, 10:35 AM
    • Industry book values fell on average 1.5% from 2014 Q3 to 2014 Q4, but - by Credit Suisse's (presumably Douglas Harter's) estimation - they rose an average of 0.5% from Q4 to the end of 2015 Q1. The average discount to book value for the sector would then be at 10.8%, with an average yield of 12%.
    • While these are attractive numbers, mREITs still face a "challenging operating environment," says Credit Suisse, thus leading it to favor players building out operating businesses which can create their own investments. The team's top three picks: PennyMac Mortgage (PMT +1.1%), Starwood Property (STWD +0.7%), Two Harbors (TWO +0.2%).
    • ETFs: REM, MORT, MORL
    | Apr. 6, 2015, 10:35 AM | 13 Comments
  • Mar. 24, 2015, 4:32 PM
    • PennyMac Mortgage (NYSE:PMT) declares $0.61/share quarterly dividend, in line with previous.
    • Forward yield 11.43%
    • Payable April 29; for shareholders of record April 15; ex-div April 13.
    | Mar. 24, 2015, 4:32 PM
  • Mar. 3, 2015, 8:05 AM
    • Altisource Portfolio Solutions' (NASDAQ:ASPS) contract is with Ocwen (NYSE:OCN), not with the servicing, writes the Sterne team, and it thus loses every time Ocwen shrinks or sells assets.
    • The winners? Those would be the asset buyers: New Residential (NYSE:NRZ) and PennyMac Mortgage (NYSE:PMT).
    • The analysts write their note the morning after Ocwen Financial announced more MSR sales, and the hiring of advisors to explore strategic options. The team is suspending Ocwen EPS estimates for 2015 and 2016 "since we have no idea what the new Ocwen will look like." Sterne's best estimate of tangible book value is about $10 per share.
    • Previously: Ocwen volatile after business updates (March 2)
    • OCN +5.4%, to $9 in premarket action. ASPS +2.6%
    | Mar. 3, 2015, 8:05 AM
  • Feb. 4, 2015, 5:35 PM
    | Feb. 4, 2015, 5:35 PM | 12 Comments
  • Feb. 4, 2015, 5:08 PM
    • Q4 net investment income of $53.1M vs. $106.5M in Q3, with net gain on investments of $11.2M vs. $70.4M. Net income of $26.5M vs. $54.9M. EPS of $0.34 vs. $0.69. Dividend is $0.61.
    • Book value per share of $21.18 vs. $21.42 at end of Q3.
    • Investment Activities segment $11M pretax income on revenue of $38.8M vs. $55.1M and $86.4M in Q3.
    • Distressed Mortgage Investments segment realized and unrealized gains of $20.7M vs. $81.3M in Q3. Portfolios of performing and nonperforming loans increased in value somewhat, but was more than offset by decrease in home prices and tempered expectations for the future.
    • Mortgage servicing rights portfolio grew to $34.3B in UPB from $32.3B.
    • Correspondent Production Segment pretax income of $900K vs. $2.8M in Q3, with revenue of $14.2M down 29%.
    • Conference call is underway
    • Previously: PennyMac Mortgage NII of $53.1M (Feb. 4)
    • PMT -5.1% after hours
    | Feb. 4, 2015, 5:08 PM | 3 Comments
  • Feb. 4, 2015, 4:45 PM
    • PennyMac Mortgage (NYSE:PMT): Q4 NII of $53.1M
    | Feb. 4, 2015, 4:45 PM
  • Feb. 3, 2015, 5:35 PM
  • Feb. 2, 2015, 2:52 PM
    • "The combination of a negative duration and relatively long dated hedges lead to book value underperformance in a flat curve environment," merits a downgrade to Underperfrom for Armour Residential (ARR -5.9%), says analyst Doug Harter.
    • "With above-average economic return volatility we expect CYS Investments (CYS -2.8%) to continue to have one of the lower price to book multiples among the Agency-only REITs," he says, also cutting to Underperform.
    • Tight credit spreads combining with low yields will make it tough for New York Mortgage Trust (NYMT -2.2%) to meaningfully expand core EPS enough to cover the dividend, says Harter, cutting that stock to Underperform. He also notes NYMT has the highest price-to-book ratio in his mREIT coverage universe.
    • Harter and team, however, still see some attractive values given the 12.9% discount to book the sector is selling for. PennyMac Mortgage Investment (PMT +0.2%), Two Harbors (TWO -0.7%) and New Residential (NRZ -1.6%) remain among top picks (though PMT and especially NRZ can hardly be considered mREITs).
    • Previously: Credit Suisse downgrades three mortgage REITs (Feb. 2)
    • Previously: JPMorgan previews Q4 for mREITs (Feb. 2)
    | Feb. 2, 2015, 2:52 PM | 12 Comments
  • Dec. 10, 2014, 4:44 PM
    • PennyMac Mortgage (NYSE:PMT) declares $0.61/share quarterly dividend, in line with previous.
    • Forward yield 11.09%
    • Payable Jan. 16; for shareholders of record Dec. 30; ex-div Dec. 26.
    | Dec. 10, 2014, 4:44 PM
  • Dec. 3, 2014, 9:31 AM
    • PennyMac Financial's (NYSE:PFSI) new division - PennyMac Commercial Real Estate Finance - will focus on mortgages for multifamily and other commercial property, with a typical loan value less than $10M. PennyMac Mortgage (NYSE:PMT) will then purchase and securitize the loans.
    • Steve Skolnik will lead the team as Chief Commercial Lending Officer. He was most recently CEO and co-founder of ReadyCap Commercial, LLC.
    | Dec. 3, 2014, 9:31 AM
  • Nov. 5, 2014, 4:36 PM
    • PennyMac Mortgage (NYSE:PMT): Q3 EPS of $0.69
    • Revenue of $19.21M (+21.7% Y/Y)
    | Nov. 5, 2014, 4:36 PM
  • Sep. 18, 2014, 4:57 PM
    • PennyMac Mortgage Investment Trust (NYSE:PMT) declares $0.61/share quarterly dividend, 3.39% increase from prior dividend of $0.59.
    • Forward yield 11.21%.
    • Payable Oct. 30; for shareholders of record Oct. 15; ex-div Oct. 13.
    | Sep. 18, 2014, 4:57 PM
Company Description
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
Sector: Financial
Industry: REIT - Residential
Country: United States