Welcome to our dedicated page for PennyMac Mortgage Investment Trust news (Ticker: PMT), a resource for investors and traders seeking the latest updates and insights on PennyMac Mortgage Investment Trust stock.
PennyMac Mortgage Investment Trust (PMT) is a specialty finance company that invests primarily in mortgage-related assets in the United States. The company operates through three core segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production.
Within the Credit Sensitive Strategies segment, PMT focuses on investing in credit risk transfer (CRT) agreements, which include firm commitments to purchase CRT securities, distressed loans, real estate, and non-agency subordinated bonds. This segment aims to generate income through strategic investments in assets with varying credit risks.
The Interest Rate Sensitive Strategies segment primarily engages in investing in mortgage servicing rights, excess servicing spreads, and both agency and senior non-agency mortgage-backed securities (MBS). It also involves related interest rate hedging activities to manage exposure to interest rate fluctuations, thereby stabilizing returns.
The Correspondent Production segment entails purchasing, pooling, and reselling newly originated prime credit residential loans. These activities often result in the creation of mortgage-backed securities (MBS), which are then sold to investors. This segment is crucial for ensuring a steady flow of high-credit-quality residential loans, which underpins the company's strong performance in the mortgage market.
Managed by PNMAC Capital Management, LLC, PennyMac Mortgage Investment Trust qualifies as a real estate investment trust (REIT). This status allows the company to benefit from certain tax advantages, thereby enhancing its ability to generate and distribute income to shareholders.
In recent times, PMT has made significant strides in expanding its investment portfolio and optimizing its asset management strategies. The company’s financial condition remains robust, backed by a diversified investment approach and effective risk management practices. PMT continues to forge strategic partnerships and adapt to market dynamics, further solidifying its reputation as a key player in the mortgage finance industry.
PennyMac Mortgage Investment Trust (NYSE: PMT) announced the appointment of David A. Spector as Chairman of the Board, continuing his role as Chief Executive Officer. Spector expressed gratitude to the Board and its Independent Lead Trustee, Preston DuFauchard, for their leadership amidst challenges over the past year. This leadership transition aims to bolster the company's strategic direction in the mortgage REIT sector, focusing on residential mortgage loans and related assets.
PennyMac Mortgage Investment Trust (NYSE: PMT) has declared cash dividends for Q1 2021 on its preferred shares. The Series A Preferred Shares (PMT PrA) will yield an annual dividend rate of 8.125%, translating to a dividend of $0.507813 per share with a record date of March 1, 2021 and payment on March 15, 2021. The Series B Preferred Shares (PMT PrB) will have an annual rate of 8.000% and a dividend of $0.500000 per share under the same record and payment dates.
PennyMac Mortgage Investment Trust (NYSE: PMT) reported a net income of $76.6 million, or $0.78 per diluted share, for Q4 2020, down from $93.3 million in Q3. The cash dividend of $0.47 per share was declared on December 18, 2020. The investment income totaled $196.5 million, reflecting strong correspondent production of $38 billion, up 39% QoQ. Despite a drop in net income, book value rose to $20.30 per share. The company successfully managed liquidity without asset sales, enabling a return to pre-COVID dividend levels. Full-year net income for 2020 stood at $52.4 million, with earnings per share of $0.27.
PennyMac Mortgage Investment Trust (NYSE: PMT) will release its quarterly and annual results for the period ending December 31, 2020, after the market closes on February 4, 2021. The results will be accessible online through their official website. A recorded presentation by the company's executives, along with slides, will also be available at that time. For individuals unable to access the materials online, the Investor Relations department can provide the slide presentation upon request.
PennyMac Mortgage Investment Trust (NYSE: PMT) announced the passing of its founder and Non-Executive Chairman, Stanford L. Kurland, at age 68 due to COVID-19 complications and a battle with brain cancer. Kurland, a renowned industry leader, founded PennyMac in 2008 after a notable career at Countrywide Financial. Under his leadership, PennyMac became a major player in the U.S. mortgage market, employing over 6,000 individuals. The company expressed deep condolences to Kurland's family in a heartfelt statement from CEO David Spector.
PennyMac Mortgage Investment Trust (NYSE: PMT) announced a cash dividend of $0.47 per common share for the fourth quarter of 2020, payable on January 29, 2021, to shareholders on record as of December 31, 2020. CEO David Spector noted that this dividend returns to pre-COVID levels, while maintaining a consistent payout reflective of expected ongoing taxable income, which has increased since the prior quarter.
PennyMac Mortgage Investment Trust (NYSE: PMT) announces executive role changes alongside organizational updates from PennyMac Financial Services, Inc. (NYSE: PFSI). Effective January 1, 2021, Andrew S. Chang transitions from Senior Managing Director and CFO to Senior Managing Director and COO. Daniel S. Perotti steps up from Deputy CFO to Senior Managing Director and CFO. CEO David A. Spector emphasizes that these promotions reflect the organization’s evolution and commitment to ensuring long-term success and strong risk-adjusted returns for shareholders.
PennyMac Mortgage Investment Trust (NYSE: PMT) declared cash dividends for Q4 2020 on its preferred shares. The Series A Preferred Shares will yield an annual rate of 8.125%, equating to $0.507813 per share, with a record date of December 1, 2020 and payment on December 15, 2020. In contrast, the Series B Preferred Shares will have an annual rate of 8.000% and a dividend of $0.500000 per share, also with a record date of December 1, 2020 and payment on December 15, 2020.
PennyMac Mortgage Investment Trust (NYSE: PMT) reported net income of $93.3 million ($0.94 per share) for Q3 2020, down from $458.4 million in Q2. Net investment income stood at $221 million, primarily driven by robust Correspondent Production segment results. Book value per share increased to $19.95. The company announced a cash dividend of $0.40, paid on October 30, 2020. Correspondent loan production reached $27.4 billion, marking a 45% rise from the previous quarter. The report emphasizes the focus on leveraging market position and technology to enhance returns.
PennyMac Mortgage Investment Trust (NYSE: PMT) will release its financial results for Q3 2020 after the market closes on November 5, 2020. A recorded presentation and slides will be available on their website at the same time as the news release. PMT is a mortgage REIT focused on investing in residential mortgage loans and related assets, managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services, Inc. For further inquiries, investors can contact the Investor Relations department.
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