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PMT

PennyMac Mortgage Investment Trust

6/19/2013, 11:58 AM ET

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Tuesday, June 18, 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. 2 Comments [Financials, On the Move]
Thursday, June 13, 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%). 14 Comments [Financials, On the Move]
Tuesday, June 4, 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%). 1 Comment [Financials]
Monday, May 20, 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. Comment!
Monday, May 20, 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. 1 Comment [Financials, On the Move]
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]