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PennyMac Mortgage Investment Trust (PMT)

  • Aug. 13, 2013, 4:09 PM
    • PennyMac Mortgage Investment Trust (PMT) announces a 11.3M share secondary with greenshoe option of 1.695M. If the greenshoe is exercised, it would add 22% to the float.
    • Shares -2.8% AH.
    • Source: Press release.
  • Aug. 8, 2013, 10:06 AM
    • Net investment income of $129.7M up 9% from Q1. Gain on investment portfolio of $46.8M off 27%.
    • Book value per share of $21.06 up 1.6% from Q1.
    • Correspondent business: Revenue of $58.5M up 42% from Q1. Distressed mortgage investments unrealized gain of $46.8M down from $64M.
    • Servicing portfolio of $19.9B UPB, up from $16.6B. Net servicing fees of $7.9M up from $6.6M.
    • Investor presentation. Q2 results.
    • PMT +3.1%.
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  • Aug. 8, 2013, 8:49 AM
    • PennyMac Mortgage (PMT): Q2 EPS of $0.86 beats by $0.09. (PR)
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  • Aug. 8, 2013, 12:05 AM
  • Aug. 7, 2013, 5:30 PM
  • Jul. 16, 2013, 11:02 AM
    Two Harbors (TWO +0.1%) tops Credit Suisse's list of mREITs (REM) to own given the new rate environment - considerably more favorable now that the yield curve has steepened. Hybrids in general offer better risk/reward than agency-only names, says CS, which also likes Ellington Financial (EFC is a partnership, not a REIT, but EARN is a REIT and is run by the same team). The analysts also like the specialized business models at Newcastle (NCT), New Residential (NRZ), and PennyMac (PMT).
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  • Jul. 9, 2013, 11:06 AM
    More on the Citi mREIT note (previous): The team is more constructive on the credit-sensitive players, reiterating a Buy on PennyMac (PMT) and believing commercial mortgage REITs like Starwood (STWD) and Blackstone Mortgage (BXMT) have been treated too harshly. Hybrids (IVR, TWO, MFA, DX, WMC, JMI come to mind) are likely to find the negative impact of their agency holdings offsetting any benefit from their nonagency paper.
  • Jul. 5, 2013, 1:33 PM
    The smart money begins to make a distinction between the mREITs and servicers or specialty mortgage investors like Ocwen (OCN +1.5%), New Residential (NRZ +3.7%), and Newcastle (NCT +1.4%). All opened to the downside but have turned higher since. To the extent they own servicing or credit-sensitive assets, one could make the argument they all benefit from higher rates. Others to keep an eye on: NSM, SFI, PMT, NRF.
  • Jun. 28, 2013, 11:28 AM
    More on Jefferies' coverage in the mortgage sector (previous); PennyMac Mortgage (PMT -0.5%) is initiated a Buy, analyst Daniel Furtado noting the company shouldn't be lumped in with mREITs (REM, MORT) as it's less a levered owner of MBS and more an issuer of the paper. "This key differentiating factor will lead to higher valuation and better investment returns over the long term."
  • Jun. 26, 2013, 11:26 AM
    One trader takes advantage of the selloff in mortgage REITs (REM, MORT) to pick up 3 names - not mREITs, but brought down simply by association. New Residential (NRZ) - recently spun off from Newcastle (NCT) - has a large portfolio of mortgage servicing rights which actually increases in value as interest rates rise. PennyMac Mortgage (PMT) has a large distressed loan business already with hidden value and that should benefit as the economy improves. NorthStar Realty (NRF) is a "hodge-podge" of commercial lending businesses which could benefit from spinoffs and/or clarification of how certain units make money.
  • Jun. 18, 2013, 10:15 AM
    PennyMac Mortgage Investment Trust (PMT -1.1%) is downgraded to Sell at Ladenburg Thalmann. The move stands in contrast with Compass Point's Buy recommendation from last week in which Kevin Barker argued the housing recovery should allow continued gains from PMT's distressed loan portfolio and the stock trades at a meaningful discount to its mREIT peers.
  • Jun. 13, 2013, 10:08 AM
    Armour Residentail (ARR +4.8%) surges after holding its monthly distribution steady at $0.07/share. Capstead Mortgage (CMO +2%) gains as well after maintaining its quarterly payout at $0.31. The mREIT sector (REM +1.5%). Some other names moving: Invesco (IVR +2.1%), Two Harbors (TWO +1%), Hatteras (HTS +1.6%), Anworth (ANH +1.8%), Western Asset (WMC +3.4%), PennyMac (PMT +2.1%).
  • Jun. 4, 2013, 3:25 PM
    The mREIT (MORT +1.6%) sector gains with sliding averages always good for creating a bid for the sector, and as the industry continues to present en masse at the KBW Mortgage Conference (earlier). The gist: It's clearly been a bad year for mortgages (see WMC presentation, page 7), but spreads are far wider now than they were several months ago (when the bear case was spreads were too narrow). Buyers of mortgages now are getting far better pricing. Leading are Two Harbors (TWO +3.5%), (presentation), Chimera (CIM +2.7%), Ellington (EFC +1.9%), (EARN +0.1%), (presentation), PennyMac (PMT +3.9%), (PFSI +0.5%).
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  • May. 20, 2013, 3:11 PM
    The Russell 2000 (IWM) cracked 1,000 for the first time this morning, but the small cap sector is far from over-loved by the fund managers who invest in it, according to Credit Suisse's Lori Calvasina - they ended Q1 with cash holdings at a near 10-year high. Indexing (IJR, IWO, IWN XSLV are some others) beats most active management, but Calvasina screened for stocks owned by fewer than 50 small-cap funds with $500M-$1.5B market cap, and with favorable investment ratings. No surprise the answer is heavy on mREITs - MTGE, AMTG, PMT. Also coming up: OMX and WFR.
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  • May. 20, 2013, 2:58 PM
    PennyMac Financial Services (PFSI +8%) flies after Lee Cooperman's Omega Advisors discloses a 21.6% stake in the just-IPOed mortgager company founded by former Countrywide exec (and PMT CEO) Stan Kurland.
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  • Apr. 26, 2013, 7:02 AM
    PennyMac Mortgage Investment Trust (PMT) is upgraded to Buy with $27 price target at KBW following the company's Q1 earnings report. Notable from the report is management's plan to get into the again-profitable private-label mortgage securitization business.
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PMT vs. ETF Alternatives
Company Description
Pennymac Mortgage Investment Trust is a real estate investment trust investing in residential mortgage loans and mortgage-related assets.
Sector: Financial
Country: United States