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PMT

PennyMac Mortgage Investment Trust

5/19/2013, 5:21 PM ET

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Friday, April 26, 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. Comment! [Financials]
Thursday, April 25, 7:29 AM PennyMac Mortgage Investment (PMT) prices a private offering of $200M in Exchange Senior Notes due in 2020. The coupon is 5.375% and the initial exchange rate of 33.5149 shares/$1K of principal is equivalent to $29.84/share, about 25% above last night's close. Shares fell 1.5% yesterday following announcement of the offering. (PR) 1 Comment [Financials]
Tuesday, April 23, 1:25 PM There's another entrant into the reborn private-label mortgage securitization business as PennyMac Mortgage Investment (PMT) management unveils a plan to issue its first RMBS in Q3. "(It's) a significant new opportunity," says CEO Stan Kurland. Redwood Trust (RWT) investors nod in agreement. 1 Comment [Earnings, Financials]
Tuesday, April 23, 8:34 AM PennyMac Mortgage (PMT): Q1 EPS of $0.90 beats by $0.06. (PR) Comment! [Earnings, Breaking News, Financials]
Tuesday, April 23, 12:05 AM Notable earnings before Tuesday’s open: ACI, AKS, AOS, APD, ARMH, CIT, CNC, COH, DAL, DD, DFS, EAT, ECA, FMER, FRX, GCI, GNTX, IDXX, IIVI, IR, IRWD, ITW, JCI, JNS, LCC, LECO, LMT, LXK, MOLX, PCAR, PCH, PII, PMT, PNR, R, RAI, RF, RSH, SNV, ST, TRV, UTX, WAT, XRX 1 Comment [Earnings]
Monday, April 22, 5:30 PM Notable earnings before Tuesday’s open: ACI, AKS, AOS, APD, ARMH, CIT, CNC, COH, DAL, DD, DFS, EAT, ECA, FMER, FRX, GCI, GNTX, IDXX, IIVI, IR, IRWD, ITW, JCI, JNS, LCC, LECO, LMT, LXK, MOLX, PCAR, PCH, PII, PMT, PNR, R, RAI, RF, RSH, SNV, ST, TRV, UTX, WAT, XRX Comment! [Earnings]
Friday, February 22, 2:34 PM Fat mortgage profits drove earnings at financials last quarter, but maybe not this one. Compass Point estimates gain-on-sale margins - the amount lenders make packaging and selling mortgages - could be down 40% in Q1. It's not just the big banks getting hurt. Profits at originators like FBC, NSM, PMT, EVER, and PHH could be most damaged, says Compass Point. Comment! [Financials]
Wednesday, February 13, 1:39 PM The most interesting takeaway from PennyMac's (PMT) Q4 earnings call (transcript) is no analysts could find the time to participate. The stock of this clearly underfollowed MBS investor - run by Stan Kurland, formerly of Countryside - was up about 50% in 2012, while paying paying a 13% dividend (based on 2012's opening price). (presentation) 2 Comments [Financials]
Thursday, February 7, 10:59 AM Residential mortgage lender and servicer PennyMac Financial Services - run by former Countrywide exec Stan Kurland (also CEO of PMT) - files for an IPO of up to $287.5M. (S-1) Comment! [Financials]
Thursday, February 7, 8:40 AM PennyMac Mortgage (PMT): Q4 EPS of $0.83 in-line. (PR) 3 Comments [Earnings, Breaking News, Financials]
Thursday, February 7, 12:05 AM Notable earnings before Thursday’s open: AAP, ALU, BG, CCE, CI, CS, CTSH, EXC, FLIR, FLO, GPK, HLSS, HOT, INGR, KKR, MFC, MPW, MWW, NBL, NNN, NYT, ONNN, OZM, PM, PMT, PTEN, S, SBH, SIAL, SNE, SNI, SPH, SQNS, TDC, TEVA, XYL Comment! [Earnings]
Wednesday, February 6, 5:30 PM Notable earnings before Thursday’s open: AAP, ALU, BG, CCE, CI, CS, CTSH, EXC, FLIR, FLO, GPK, HLSS, HOT, INGR, KKR, MFC, MPW, MWW, NBL, NNN, NYT, ONNN, OZM, PM, PMT, PTEN, S, SBH, SIAL, SNE, SNI, SPH, SQNS, TDC, TEVA, XYL 1 Comment [Earnings]
Tuesday, November 27, 2012, 11:16 AM Turning to non-agency MBS (webcast), JPMorgan gets even more bullish. Key is their expectation of 3-5% growth in home prices (with upside potential) in 2013. While the paper is likely to retain some correlation with risk on/risk off, the fundamentals of improving housing - rising prices, declining distressed sales, declining shadow inventory - will be of growing importance. (previous on MBS) Comment! [U.S. Economy, Financials]
Tuesday, November 27, 2012, 10:35 AM More from JPMorgan on MBS: The mREITs will continue to purchase agency MBS even with the Fed dominating the market, says Matthew Jozoff, noting the firms weren't sellers even during the financial crisis. With their stock prices already below book value (pg. 14), the main threat to mREITs would be a termination of repo funding or a massive MBS sell-off - neither very likely according to Jozoff's team. 15 Comments [Financials]
Sunday, November 18, 2012, 8:30 AM Amidst a letter making you want to decamp to the bomb shelter, Kyle Bass renews his bullish call on housing, specifically non-agency MBS. The refinancing boom has not spread to Alt-A and Subprime loans, and rates remain high while credit trends sharply improve - a sweet situation for owners of the paper. Mortgage REITs with non-agency exposure include: NCT, IVR, MFA, EFC, CIM, DX. 9 Comments [Financials, Quick Ideas]
Tuesday, November 13, 2012, 12:57 PM Annaly's (NLY -4.2%) play for CreXus (CXS -0.3%) is the start of a shift of assets away from the Agency MBS sector, says Citi, which wouldn't be surprised to see another bidder emerge (CXS turned down a $14 bid by Starwood in 2011). With a $130B MBS portfolio, Annaly's needle won't be moved a whole lot by CreXus' $840M in assets. For commercial REITs, Citi's favorite is STWD, in the non-Agency space, it's PennyMac (PMT). 2 Comments [Financials]