Pennymac Mortg Stock Price, News & Analysis

PennyMac Mortgage Investment Trust (NYSE: PMT) announced its 2021 Annual Meeting of Shareholders will be held virtually on May 26, 2021, at 11:00 a.m. PDT. Shareholders of record as of March 30, 2021, are eligible to attend and vote. Participants can access the meeting via www.virtualshareholdermeeting.com/PMT2021, using their 16-digit control number from proxy materials. Shareholders are encouraged to vote in advance of the meeting using methods outlined in the proxy materials.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.47 per common share for Q1 2021. This dividend is set to be paid on April 29, 2021, to shareholders on record as of April 15, 2021. The trust primarily invests in residential mortgage loans and mortgage-related assets, operated by PNMAC Capital Management. Investors should note the potential impacts of market volatility and operational risks on future returns.

PennyMac Mortgage Investment Trust (NYSE: PMT) has appointed Doug Jones as President and Chief Mortgage Banking Officer, enhancing leadership continuity. Previously, Mr. Jones was PMT's Senior Managing Director, overseeing loan production and servicing. Chairman and CEO David A. Spector emphasized the importance of succession planning and recognized Mr. Jones as a highly experienced mortgage executive. This strategic move aims to leverage PMT's investments while delivering strong risk-adjusted returns to shareholders.

PennyMac Mortgage Investment Trust (NYSE: PMT) announced an upsized offering of $300 million in Exchangeable Senior Notes due 2026, increased from the previously planned $200 million. The Notes carry a 5.500% interest rate, with the initial exchange price set at approximately $21.69 per Common Share—15% above the $18.86 closing price on March 2, 2021. Proceeds will fund general business operations, including correspondent production and mortgage servicing investments. The offering is targeted at qualified institutional buyers and is scheduled for settlement on March 5, 2021.

PennyMac Mortgage Investment Trust (NYSE: PMT) announced a private offering of $200 million in Exchangeable Senior Notes due 2026, with an option for purchasers to buy an additional $30 million. The notes will be fully guaranteed by PMT and can be exchanged for cash, common shares, or a combination. Proceeds are intended for general business purposes, including funding correspondent production and repayment of debts. The securities will not be registered under the Securities Act and will only be offered to qualified institutional buyers.

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.