Pennymac Mortg Stock Price, News & Analysis

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.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced that it will release its second quarter 2024 financial results after the market closes on Tuesday, July 23, 2024. The company will host a conference call and live audio webcast at 6:00 p.m. Eastern Time on the same day to discuss the results.

Investors and interested parties can access the earnings release, webcast, and accompanying materials on the company's website at pmt.pennymac.com. A replay of the webcast will be available shortly after its conclusion. For those unable to access the website, materials can be obtained by contacting PMT's Investor Relations department at 818.224.7028.

PennyMac Mortgage Investment Trust (PMT) has announced a $355 million private offering of secured term notes through its subsidiary PMT Issuer Trust - FMSR. The notes, priced at SOFR + 2.75%, will mature on December 27, 2027. The proceeds will be used to redeem $305 million of previously-issued notes maturing on June 25, 2027, which were priced at SOFR + 4.19%. The majority of these new notes were placed with PGIM Fixed Income, a Prudential Financial company. This transaction aims to leverage Pennymac's strong market relationships and secure more favorable financing terms.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.40 per common share for the second quarter of 2024. The dividend will be disbursed on July 26, 2024, to shareholders who are on record as of July 12, 2024.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced the appointment of SiSi Pouraghabagher to its Board of Trustees. Pouraghabagher brings a wealth of experience from her roles as a financial executive and board chair across various sectors, including banking, insurance, consulting, and higher education. She currently serves as an independent director and Audit Committee Chair for Private Bancorp of America, Point B, and Frontier Medicines. Her previous roles include Chief Administrative Officer for QBE North America and Chief Financial Officer and Chief Operations Officer at Balboa Insurance. She is also an adjunct professor at California Polytechnic State University, San Luis Obispo.

PennyMac Mortgage Investment Trust (PMT) announced the pricing of a private placement of $200 million of Exchangeable Senior Notes due 2029 by its subsidiary, PennyMac Corp. The initial purchasers have an option to buy an additional $30 million within 13 days. The Notes, bearing a 8.50% annual interest rate, are to be offered to qualified institutional buyers under Rule 144A of the Securities Act and will be guaranteed by PMT. The exchange rate is set at 63.3332 Common Shares per $1,000 principal, initially priced at $15.79 per share, a 15% premium over the May 21, 2024 closing price. Proceeds will fund business activities, including mortgage servicing rights, GSE credit risk transfer securities, and other mortgage-related securities.