PennyMac Mortgage Investment TrustNYSE
Fri, Dec. 2, 7:31 AM
- The risk/reward on AGNC Investment (NASDAQ:AGNC) is no longer compelling at current levels," says Douglas Harter, downgrading to Neutral from Outperform, and cutting the price target to $19.50 from $21 (last night's close $18.09).
- He expects a whopping 7.8% decline in book value through November (to be announced on Dec. 12). This comes against his forecast of a 2.6% decrease in book value for the sector (NYSEARCA:REM) as a whole, and flat economic return (defined as the change in book value plus the dividend) for Q4.
- As far as AGNC's relative valuation at the moment, it trades for 91% of tangible book vs. just 84% for fellow sector giant Annaly Capital (NYSE:NLY). The sector as a whole trades at 91% of book. He's also cutting Annaly's PT to $11 from $11.50, along with CYS Investment (NYSE:CYS) to $8.50 from $9. Chimera Investment (NYSE:CIM), however, gets its PT boosted to $17 from $15.50 to reflect strong incremental returns.
- Harter and team's top picks remain those names with less exposure to interest rate risk, better historical track records, and lower book value volatility: Two Harbors (NYSE:TWO), New Residential (NYSE:NRZ), PennyMac (NYSE:PMT), and Starwood (NYSE:STWD).
Thu, Nov. 3, 4:39 PM
Tue, Sep. 27, 5:56 AM
Thu, Aug. 4, 1:00 PM
Thu, Aug. 4, 8:00 AM
- Q2 net loss of $5.3M or $0.08 per share vs. income of $14.5M and $0.20 in Q1. Dividend is $0.47.
- Net investment income of $47.6M fell 9% from Q1.
- Book value per share of $20.09 slipped from $20.59 three months earlier.
- Management notes underperformance of the company's distressed loan investments thanks to linger timelines and higher expenses on liquidations of NPLs; home prices were weaker than forecast as well.
- Putting numbers on it, the distressed loan portfolio generated realized and unrealized losses of $13.5M vs. gains of $14.4M in Q1.
- CC at 4:30 ET
- Previously: PennyMac Mortgage reports Q2 results (Aug. 3)
- PMT no trades premarket, but did fall 6.4% to $15.35 in modest after hours action last night
Wed, Aug. 3, 4:46 PM
Tue, Aug. 2, 5:35 PM
- AEL, AGO, AGU, ALB, ALIM, ALL, ANDE, AREX, ATO, AWK, AWR, BBRG, BFAM, BGC, BIO, BKH, BNFT, BREW, BYD, CABO, CBPX, CCRN, CDI, CECO, CF, CHDN, CIM, CLR, CNAT, CODI, CPA, CSGS, CSII, CTL, CXW, DENN, DEPO, DK, DKL, DPM, ECR, EPE, EPR, EQIX, ERII, ETE, ETP, EVC, EVHC, EXAR, EXEL, EXTR, FIVN, FOXA, FRGI, FRSH, FSLR, G, GBDC, GDDY, GERN, GPOR, HABT, HASI, HI, HIL, HIVE, HLF, HOS, HR, HRTG, HUBS, IAG, IL, INOV, IO, IRG, ITRI, JACK, JCOM, JONE, JRVR, LGCY, LHCG, LNC, LPI, MASI, MC, MED, MET, MNR, MRO, MTDR, MUSA, MWA, NBIX, NKTR, NLY, NNBR, NP, NSIT, NSTG, OAS, OME, OSUR, PDM, PE, PEGA, PMT, PODD, PRA, PRU, PRXL, QLYS, QTWO, QUIK, REXR, RICE, RIG, RIGP, RLJ, RMP, RNG, RP, RST, RYN, SBY, SEMI, SGMO, SNCR, SQ, SQNM, SRC, SSS, STAA, STR, SUN, SWM, SXL, TCAP, TDOC, TEAR, TEP, TLLP, TRIP, TRNC, TROX, TS, TSLA, TSLX, TSO, TTEC, TWO, UHAL, VTAE, VVC, WCN, WGL, WMC, WPG, WPX, WU, XEC, XPO
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
- PennyMac Mortgage (NYSE:PMT): Q1 EPS of $0.20
- Revenue of $22.36M (+49.7% Y/Y)
- Shares -2.25%.
Wed, May 4, 5:35 PM
- ABCO, ABTL, ACAD, ACET, AHS, AHT, AIRM, AL, ALEX, AMBR, AMH, ANET, APLE, ASYS, ATHX, ATVI, ATW, BBG, BCEI, BIO, BIOS, BLDR, BOJA, CAA, CARA, CERN, CINR, CLNE, CLVS, CMLS, CPA, CTRL, CYBR, CZR, DATA, DCT, DEPO, DIOD, DK, DKL, DV, DWA, EBS, ECOM, ED, EFC, EGAN, EGL, EGN, EGY, ELON, ENDP, ENV, EOG, ERII, ESL, EVC, EVDY, EVHC, FCE.A, FEYE, FISV, FLR, FPRX, FTD, GBDC, GEOS, GERN, GPRO, GSAT, GST, GUID, GXP, HLF, HTGC, ICPT, IMMR, IMPV, INAP, JCOM, LADR, LOCO, MAIN, MCHX, MDR, MDRX, MDVN, MELI, MHK, MITT, MNTX, MRIN, MSI, MTD, MTZ, NBIX, NGVC, NSTG, NWSA, OLED, OMED, OUT, OVAS, PACD, PCTY, PEGA, PETX, PKI, PMT, POST, PRSS, PTCT, PTLA, QLGC, RPTP, RRMS, RWT, SAAS, SEM, SEMG, SNCR, SPPI, SPWR, SPXC, SQ, SSNC, SWIR, TCRD, TEAM, TRMR, TRUE, TRQ, TRUP, TSRO, TWOU, UBNT, UEPS, UNXL, WAGE, WAIR, WEB, WIFI, WING, XNPT, Y, YELP
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
- PennyMac Mortgage (NYSE:PMT) declares $0.47/share quarterly dividend, in line with previous.
- Forward yield 14.2%
- Payable April 28; for shareholders of record April 12; ex-div April 8.
Thu, Feb. 4, 12:48 PM