Pennymac Finl Svcs Inc Stock Price, News & Analysis

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) has announced the date for the release of its third quarter 2024 results. The company will issue a news release after the market close on Tuesday, October 22, 2024. Following the release, management will host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the results.

Investors and interested parties can access the release, webcast, and accompanying materials online at pfsi.pennymac.com. A replay of the webcast will be available shortly after its conclusion. For those unable to access the website, copies of the materials can be obtained by contacting PennyMac'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.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.40 per common share for the third quarter of 2024. The dividend will be paid on October 25, 2024, to shareholders of record as of October 11, 2024. This announcement demonstrates PMT's commitment to providing regular returns to its investors, maintaining its dividend distribution schedule. The consistent dividend payout may be seen as a positive sign of the company's financial stability and its ability to generate steady cash flows in the mortgage investment sector.

PennyMac Financial Services, Inc. (NYSE: PFSI) announced significant changes to its Board of Directors. Sunil Chandra, a technology and financial services expert, has joined the board, while James Hunt and Emily Youssouf will retire effective December 31, 2024. Chandra brings extensive experience from his roles as CEO of Dyme.Earth, CEO of OakNorth, and VP at Google. His expertise in technology, financial services, and global operations is expected to bring a unique perspective to PennyMac's board.

Chairman and CEO David Spector expressed gratitude for Hunt and Youssouf's decade-long service, highlighting their contributions to PennyMac's growth. The board transition marks a strategic move for PennyMac, potentially influencing its future direction in the mortgage industry.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced its participation in the 2024 Barclays Global Financial Services Conference. The company will present jointly with PennyMac Financial Services, Inc. (NYSE: PFSI). David Spector, Chairman and CEO, and Daniel Perotti, Senior Managing Director and CFO, will engage in a fireside chat on Monday, September 9, 2024, at 10:30 a.m. Eastern Time.

A live audio webcast of the presentation will be accessible on PMT's Investor Relations website at pmt.pennymac.com. The webcast replay will be available for a time after the event. This conference provides an opportunity for investors to gain insights into PMT's strategies and financial performance.

PennyMac Financial Services, Inc. (NYSE: PFSI) has announced its participation in the 2024 Barclays Global Financial Services Conference. The company will present jointly with PennyMac Mortgage Investment Trust (NYSE: PMT) on Monday, September 9, 2024, at 10:30 a.m. Eastern Time.

Chairman and CEO David Spector and Senior Managing Director and CFO Daniel Perotti will engage in a fireside chat during the event. Interested parties can access a live audio webcast of the presentation through PennyMac Financial Services, Inc.'s Investor Relations website at pfsi.pennymac.com. A replay of the webcast will be available for a time after the event.

PennyMac Mortgage Investment Trust (NYSE: PMT) reported net income of $15.0 million, or $0.17 per diluted share, for Q2 2024. Key highlights include:

- Net investment income: $71.2 million
- Annualized return on average common equity: 4%
- Book value per share: $15.89 (down from $16.11 in Q1)
- Conventional correspondent loan production: $2.2 billion UPB (up 26% from Q1)
- New MSRs created: $41 million
- Issued $247 million in CRT term notes, $217 million in exchangeable senior notes, and $355 million in MSR term notes

PMT's Q2 results reflect higher income levels excluding market-driven value changes, with contributions from all three investment strategies. This was partially offset by net fair value declines in interest rate sensitive strategies due to market volatility.

PennyMac Financial Services (NYSE: PFSI) reported net income of $98.3 million for Q2 2024, or $1.85 per diluted share, on revenue of $406.1 million. Key highlights include:

- Book value per share increased to $71.76 from $70.13 in Q1 2024
- Quarterly dividend increased by 50% to $0.30 per share
- Pretax income rose to $133.9 million, up from $43.9 million in Q1 2024
- Production segment pretax income was $41.3 million
- Servicing segment pretax income was $88.5 million
- Total loan acquisitions and originations reached $27.2 billion in UPB
- Servicing portfolio grew to $632.7 billion in UPB

The company's strong performance was driven by growth in its servicing business and increased production volumes across all channels.