Pennymac Mortg - PMT STOCK NEWS

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.