Pennymac Mortg - PMT STOCK NEWS

PennyMac Financial Services (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced that Andrew S. Chang will step down as Senior Managing Director and COO effective December 31, 2021. He will transition to a role as Special Advisor to the Chairman and CEO, David Spector. Spector praised Chang’s significant contributions since the company’s founding in 2008. In a regulatory filing, it was disclosed that Kurland Family Investments has sold most of its remaining shares of PFSI. As of September 30, 2021, PennyMac is a leading mortgage lender and servicer in the U.S.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared cash dividends for Q4 2021 on its preferred shares. The Series A Preferred Shares will pay $0.507813 per share, reflecting an annual dividend rate of 8.125%, with a record date of December 1, 2021, and payment date of December 15, 2021. The Series B shares will pay $0.500000 with the same record and payment dates, holding an 8.000% rate. Series C shares will provide $0.520310 per share at a 6.750% rate, also with payment dates aligned with the other series.

PennyMac Mortgage Investment Trust (NYSE: PMT) reported a net loss of $43.9 million, or $(0.45) per share, for Q3 2021, marking a decline from a net income of $31.9 million in the previous quarter. Financial performance was impacted by the FHFA’s removal of the Adverse Market Refinance Fee, leading to a drop in fair value of mortgage servicing rights (MSRs). Although PMT raised $250 million from a public equity offering, book value per common share decreased to $19.79. The credit-sensitive strategies segment performed well, but the interest rate-sensitive strategies segment faced significant losses.

PennyMac Financial Services reported a net income of $249.3 million for Q3 2021, translating to $3.80 per share, with total revenue of $786.6 million. Book value per share rose to $58.00. The company experienced a 21% increase in pretax income from Q2, though it was down 53% year-over-year. A cash dividend of $0.20 per share was declared, payable on November 24, 2021. Notable achievements include a record $16.3 billion in consumer direct interest rate lock commitments and a growth in servicing portfolio to $495.4 billion in UPB.

PennyMac Mortgage Investment Trust (NYSE: PMT) will release its financial results for the quarter ending September 30, 2021, on November 4, 2021, after market close. A recorded presentation and slides will be available online concurrently with the news release. Interested parties can obtain a copy by contacting the Investor Relations department. PMT primarily invests in residential mortgage loans and is externally managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI).

PennyMac Financial Services (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) have announced an increase in their conforming loan limits to at least $625,000 across all states and counties. This change, which raises the limit for certain markets by over $75,000, aims to assist borrowers affected by rising home prices by providing access to conforming loans instead of Jumbo financing. This adjustment supports home purchases and equity access amid low interest rates.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.47 per common share for the third quarter of 2021. This dividend is scheduled for payment on October 28, 2021, to shareholders on record as of October 15, 2021. PMT primarily invests in residential mortgage loans and mortgage-related assets, managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services (NYSE: PFSI).

PennyMac Financial Services, Inc. (NYSE: PFSI) announced the pricing of a $500 million offering of 5.750% Senior Notes due September 15, 2031. The Notes will bear interest at 5.750% per annum and are guaranteed on an unsecured senior basis by the Company’s wholly owned subsidiaries. Proceeds will be used for general corporate purposes, potentially including repayment of existing secured warehouse borrowings. The offering is expected to close on September 16, 2021. The Notes are offered via private placement and are not registered under the Securities Act.

PennyMac Financial Services, Inc. (NYSE: PFSI) announced its plan to offer $500 million in Senior Notes due 2031. These Notes will be guaranteed by the Company's wholly owned subsidiaries and are intended for general corporate purposes, including possible repayments of existing secured borrowings. The offering will occur via private placements under Rule 144A and Regulation S, subject to market conditions. The Notes will not be registered under the Securities Act, limiting their sale to specific buyers.