Wed, Feb. 4, 4:45 PM
Tue, Feb. 3, 5:35 PM
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Mon, Feb. 2, 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)
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.
- Source: Press Release
Nov. 5, 2014, 4:36 PM
Sep. 18, 2014, 4:57 PM
Sep. 2, 2014, 2:26 PM
- REITs and other so-called "shadow bankers" for the last several years have used captive insurers to join Federal Home Loan Banks, thus getting access to more dependable financing and better terms than they otherwise could.
- The FHFA for some time has voiced its concern over the practice, and under new rules just proposed, would sunset those existing memberships over a five year period.
- ETFs: REM, MORT, MORL
- Two Harbors (TWO -1.8%), Invesco Mortgage (IVR -1.9%), Hatteras Financial (HTS -1.2%), Dynex Capital (DX -1.1%), PennyMac Mortgage (PMT -1.5%), Annaly Capital (NLY -0.8%), American Capital Agency (AGNC -0.3%).
Aug. 7, 2014, 9:50 AM
- Q2 net investment income of $120.6M up 57% from Q1.
- Book value per share of $21.27 up from $20.88. Current price is $22.02.
- Investment Activities segment $70.9M of pretax income up from $33.1M in Q1.
- Distressed Mortgage Investments generated realized and unrealized gains of $73.6M, up from $39.9M.
- Mortgage Servicing Rights portfolio of $29.4B up from $27.3B. Net loan servicing revenue of $8.8M up from $7.4M.
- Correspondent Production segment pretax income of $2.4M down from $3.1M. Company acquired $7B in UPB of loans through its correspondent activities during quarter.
- Conference call at 10:30 ET
- Previously: PennyMac Mortgage beats by $0.34
- PMT +4.1%
Aug. 6, 2014, 4:51 PM
Jun. 27, 2014, 8:34 AM
May 8, 2014, 9:10 AM
- Citing lower production and profitability in the correspondent channel and management's indication of current conditions in distressed loans being less attractive and below targeted returns, analyst Joel Houck pulls his Outperform rating on PennyMac Mortgage Investment Trust (PMT).
- Shares -1.4% premarket
- Previously: PennyMac Mortgage lower after slide in earnings
May 7, 2014, 10:22 PM
- Net income of $37.9M or $0.50 per share is off 28% from Q4 on net investment income of $76.6M off 20%. Dividend of $0.59 per share.
- Book value per share of $20.88 up from $20.82 at the end of the 2013 after payment of dividend.
- CEO Stan Kurland: "The reduction in earnings for Q1 was driven by reduced income in PMT's correspondent lending business and lower gains in the distressed whole loan portfolio."
- Investment activities segment: $33.1M in pretax income on revenue of $64.3M vs. $48.4M and $78M in Q4. Net gain on investments of $42.6M off 11%. Net interest income of $19.6M is lower by $2.9M. Net loan servicing fees of $7.4M fell from $12.2M.
- Distressed mortgage investments: Distressed mortgage loan portfolio gains of $39.9M down from $50.6M. Company acquired $436M UPB of nonperforming whole loans and REO in Q1; has another $41M UPB under agreement and expected to settle in Q2.
- Correspondent lending segment: Pretax income of $3.1M falls from $6.3M on revenue of $12.3M, off 32%.
- Source: Press Release
- Previously: PennyMac Mortgage misses by $0.14
- PMT -3.7% AH
May 7, 2014, 4:39 PM
Apr. 7, 2014, 3:00 PM
- Rolling with the trend, Credit Suisse ups its return expectations for mREITs to 9% for 2014 from a 6% guess at the start of the year. Said 9% will be comprised of 11% in dividends and a 2% decline in book value - a bold statement considering book values have likely grown smartly YTD.
- The top picks include a couple of hybrid players. PennyMac Mortgage Investment Trust (PMT +0.1%) and Two Harbors (TWO +0.9%), plus Newcastle Investment (NCT +1.6%). Newcastle management won't throw the recommendation out of bed, but must be scratching its head as - two spinoffs later - investors still casually lump the company into a sector it probably doesn't belong in. At this point, NCT is more senior housing REIT than anything else. Still, CS's point is those REITs with real operating assets as opposed to just paper are likely to outperform in a rising rate environment.
- Mortgage REIT ETFs: REM, MORT, MORL
Mar. 24, 2014, 4:45 PM
PMT vs. ETF Alternatives
PennyMac Mortgage Investment Trust is a real estate investment trust investing in residential mortgage loans and mortgage-related assets.The Company operates in two segments: correspondent production and investment activities.
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