Pennymac Mortg Stock Price, News & Analysis

PennyMac Financial Services (NYSE: PFSI) has announced plans to offer $650 million in Senior Notes due 2033. The Notes will be guaranteed on an unsecured senior basis by the company's existing and future wholly owned domestic subsidiaries, with certain exclusions.

The proceeds will be allocated to repay various forms of debt, including borrowings under secured MSR facilities and other secured indebtedness, as well as potentially repaying a portion of the company's 5.375% senior notes due October 2025. Additional funds will be used for general corporate purposes.

The offering will be conducted through private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act. The Notes will not be registered under the Securities Act or state securities laws.

PennyMac Mortgage Investment Trust (PMT) reported Q4 2024 net income of $36.1 million ($0.41 per share) on net investment income of $107.9 million. The company declared a Q4 cash dividend of $0.40 per share. Key highlights include:

- Book value per share increased to $15.87 from $15.85 in Q3 2024
- Correspondent loan production volumes totaled $3.5 billion, down 41% from Q3 but up 41% from Q4 2023
- Created $60 million in new mortgage servicing rights
- Closed two Agency-eligible investor loan securitizations totaling $822 million
- Generated $52 million in non-Agency subordinate bond investments

Full-year 2024 results showed net income of $161.0 million (versus $199.7 million in 2023), with net income attributable to common shareholders of $119.2 million ($1.37 per share). Annual dividends totaled $1.60 per share, while net investment income decreased to $334.2 million from $429.0 million in 2023.

PennyMac Financial Services (PFSI) reported Q4 2024 net income of $104.5 million ($1.95 per diluted share) on revenue of $470.1 million. Book value per share increased to $74.54 from $72.95 in Q3 2024.

Key Q4 highlights include: pretax income of $129.4 million, total loan acquisitions of $35.7 billion, and servicing portfolio growth to $665.8 billion. The company declared a quarterly dividend of $0.30 per share.

Full-year 2024 performance showed net income of $311.4 million, up from $144.7 million in 2023, with total loan production of $116.3 billion. The company issued $650 million in 6-year unsecured senior notes and increased its quarterly dividend by 50% from $0.20 previously.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced it will release its fourth quarter and full-year 2024 financial results after market close on Thursday, January 30, 2025. The company will host a conference call and live audio webcast at 6:00 p.m. Eastern Time to discuss the results.

The earnings release, webcast, and related materials will be accessible on pmt.pennymac.com. A replay of the webcast will be made available after the event. Investors unable to access the website can request materials through the Investor Relations department at 818.224.7028.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced a quarterly dividend declaration of $0.40 per common share for the fourth quarter of 2024. The dividend will be paid on January 24, 2025, to shareholders of record as of December 27, 2024.

PennyMac Financial Services, Inc. (NYSE: PFSI) reported net income of $69.4 million for Q3 2024, or $1.30 per share on a diluted basis, with revenue of $411.8 million. Key highlights include:

- Book value per share increased to $72.95 from $71.76 in Q2 2024
- Declared a Q3 cash dividend of $0.30 per share
- Pretax income was $93.9 million, down from previous quarters
- Production segment pretax income increased to $107.9 million
- Total loan acquisitions and originations reached $31.7 billion in UPB
- Servicing portfolio grew to $648.1 billion in UPB
- Investment Management segment pretax income was $0.7 million

The company reported strong performance in its production segment, with consumer direct and broker direct channels showing significant growth. However, the servicing segment experienced a pretax loss of $14.6 million due to MSR fair value declines.

PennyMac Mortgage Investment Trust (NYSE: PMT) reported net income of $31.0 million, or $0.36 per diluted share, for Q3 2024. The company announced a cash dividend of $0.40 per share. Key highlights include:

- Annualized return on average common equity of 9%
- Book value per share slightly decreased to $15.85
- Conventional correspondent loan production volumes for PMT's account totaled $5.9 billion in UPB, up 167% from Q2
- Created $88 million in new mortgage servicing rights (MSRs)
- Redeemed $305 million of MSR term notes and issued $159 million of new CRT term notes

PMT's CEO David Spector noted the company's focus on balance sheet management and its competitive advantage through its relationship with PFSI. The company is well-positioned to participate in private label securitizations and create organic investments from its production.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced that it will release its third quarter 2024 financial results after the market closes on Tuesday, October 22, 2024. The company will follow this with a conference call and live audio webcast at 6:00 p.m. Eastern Time to discuss the results in detail.

Investors and interested parties can access the earnings release, webcast, and accompanying materials on the company's website at pmt.pennymac.com. For those unable to attend the live event, a replay of the webcast will be made available shortly after its conclusion. Additionally, individuals who cannot access the website can request materials by contacting PMT's Investor Relations department at 818.224.7028.

PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced organizational changes. William Chang is stepping down from his positions as Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT to pursue other interests in the mortgage banking industry.

Mark Elbaum, hired in April of the previous year, will assume Chang's responsibilities on an interim basis. Elbaum, an industry veteran with significant mortgage banking experience, has held leadership roles at companies including Homepoint Financial, Bank of America, and Countrywide.

Chairman and CEO David Spector expressed confidence in Elbaum's ability to lead the capital markets group and ensure a smooth transition. Spector also acknowledged Chang's decade-long contribution to Pennymac's success in various capacities.