8.25% Yield Preferred Share From PennyMac
PMT-A, a preferred share from PennyMac Mortgage Investment Trust, is currently trading at $24.82, with a stripped yield of 8.25% based on a fixed rate. PMT's management controversially attempted to convert fixed-to-floating shares into fixed-rate shares, leading to a lawsuit and market panic. If PMT-A switches to a floating rate, the yield would be approximately 10.5%, making it slightly undervalued at current prices.
Assessing PennyMac Mortgage's Performance For Q2 2024
PMT's quarterly BV fluctuation was very minor, with a 1.0% variance. Net interest spread showed minor outperformance with a $0.02 variance. PMT's segments/sub-portfolios performed as expected, with slight underperformance in some areas.
PennyMac Mortgage Investment Trust: Not Terrible But Not Attractive
PennyMac Mortgage Investment Trust offers a double-digit dividend yield, with the potential to grow if rates drop. The dividend history, however, has been one of a decline. Its investment income is complex for an mREIT, drawing from loan flipping, servicing fees, credit risk transfers, and hedging.
PennyMac Preferred Shares And The Obvious Lawsuit
PennyMac Mortgage Investment Trust is a mortgage REIT with 3 series of preferred shares. PMT-A and PMT-B are fixed-to-floating preferred shares, but PennyMac announced they are fixed-rate due to the LIBOR Act. The claim looks about as realistic as a 7th grader announcing all the models that were at his secret party last weekend.
PennyMac Mortgage Investment Trust (PMT) Q2 2024 Earnings Call Transcript
PennyMac Mortgage Investment Trust (NYSE:PMT ) Q2 2024 Earnings Conference Call July 23, 2024 6:00 PM ET Company Participants David Spector - Chairman and CEO Dan Perotti - CFO Conference Call Participants Jason Weaver - Jones Trading Doug Harter - UBS Crispin Love - Piper Sandler Bose George - KBW Matthew Howlett - B. Riley Financial Michael Kaye - Wells Fargo Operator Good afternoon, and welcome to PennyMac Mortgage Investment Trust Second Quarter Earnings Call.
PennyMac Mortgage (PMT) Misses Q2 Earnings and Revenue Estimates
PennyMac Mortgage (PMT) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.16 per share a year ago.
PennyMac Mortgage Investment Trust: C Series Preferred Offers 8.8% Yield
PennyMac Mortgage Investment Trust offers three preferred shares with practically equal yields. PennyMac saw declines in profitability due to higher interest rates affecting net interest income, but generated $163 million in servicing revenues. PennyMac's shift towards mortgage servicing stabilizes operations, making preferred shares more attractive, but liquidity and regulatory risks should be considered.
All You Need to Know About PennyMac Mortgage (PMT) Rating Upgrade to Strong Buy
PennyMac Mortgage (PMT) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Preferreds Weekly Review: Will Bond Issuance Lead To Preferreds Redemptions
We take a look at the action in preferreds and baby bonds through the third week of May and highlight some of the key themes we are watching. Preferred stocks had a good week as longer-term Treasury yields fell. Companies are issuing bonds for reasons other than redeeming preferreds, such as taking advantage of cheap issuance and topping up leverage.
Amalgamated Bank Sells 906 Shares of PennyMac Mortgage Investment Trust (NYSE:PMT)
Amalgamated Bank lowered its holdings in shares of PennyMac Mortgage Investment Trust (NYSE:PMT – Free Report) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,008 shares of the real estate investment trust’s stock after selling 906 shares during the quarter. Amalgamated Bank’s holdings in PennyMac Mortgage Investment Trust were worth $493,000 as of its most recent filing with the Securities & Exchange Commission. A number of other institutional investors and hedge funds have also made changes to their positions in PMT. Allspring Global Investments Holdings LLC raised its holdings in PennyMac Mortgage Investment Trust by 16.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 1,115 shares during the period. Essex Financial Services Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter worth about $150,000. Kestra Private Wealth Services LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth about $183,000. Sherbrooke Park Advisers LLC bought a new position in PennyMac Mortgage Investment Trust during the 3rd quarter valued at about $157,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in PennyMac Mortgage Investment Trust in the 4th quarter worth about $204,000. 67.38% of the stock is owned by hedge funds and other institutional investors. Wall Street Analysts Forecast Growth A number of research analysts have recently commented on the company. JMP Securities reaffirmed a “market outperform” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, April 18th. Piper Sandler reaffirmed a “neutral” rating and issued a $15.00 price objective (up previously from $14.50) on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, May 9th. B. Riley lifted their target price on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Finally, Wedbush restated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Monday, April 29th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average target price of $14.92. Read Our Latest Stock Analysis on PennyMac Mortgage Investment Trust Insider Activity at PennyMac Mortgage Investment Trust In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 7,810 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $14.34, for a total transaction of $111,995.40. Following the completion of the sale, the director now owns 53,311 shares in the company, valued at $764,479.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.89% of the stock is currently owned by corporate insiders. PennyMac Mortgage Investment Trust Stock Down 0.9 % NYSE:PMT opened at $15.04 on Monday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. PennyMac Mortgage Investment Trust has a 1-year low of $10.52 and a 1-year high of $15.89. The company has a 50-day moving average of $14.29 and a 200 day moving average of $14.32. The firm has a market cap of $1.31 billion, a PE ratio of 10.03 and a beta of 1.47. PennyMac Mortgage Investment Trust Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were paid a dividend of $0.40 per share. The ex-dividend date was Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.64%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%. PennyMac Mortgage Investment Trust Company Profile (Free Report) PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.
