Pennymac Mortg Stock Price, News & Analysis

Pennymac announced its aim to raise $1 million for the UCLA Neuro-Oncology Program in memory of its founder, Stanford L. Kurland. The second annual Stanford L. Kurland Memorial Golf Classic will take place on July 23-24, 2023, featuring a reception and a golf event at Sherwood Country Club. The funds will support brain cancer research, inspired by Kurland’s personal battle with an inoperable brain tumor since 2020. UCLA has recently developed ERAS-801, a promising treatment for aggressive brain cancer. The initiative aims to continue Kurland's legacy and contribute significantly to ongoing research efforts.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.40 per common share for Q1 2023, payable on April 28, 2023, to shareholders of record by April 14, 2023. This decision reflects the company's confidence in its financial stability and its commitment to returning value to shareholders. PMT primarily invests in residential mortgage loans and mortgage-related assets, managed externally by PennyMac Financial Services, Inc. (NYSE: PFSI).

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced the election of Doug Jones to its Board of Trustees, effective March 7, 2023. Jones, who is the President and Chief Mortgage Banking Officer, has been with the company since 2011 and has played a significant role in its growth to become the largest correspondent lender in the U.S., supporting approximately 800 independent mortgage companies, community banks, and credit unions. His extensive experience includes prior executive roles at Countrywide Financial and Bank of America. PennyMac focuses on investing in residential mortgage loans and mortgage-related assets.

PennyMac Financial Services (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) have announced the resignation of Vandy Fartaj as Senior Managing Director and Chief Investment Officer. Fartaj departs after nearly 15 years with the firm, credited with pioneering key initiatives in credit risk and mortgage servicing. William Chang has been appointed to succeed him, bringing over a decade of experience at PennyMac, where he held various senior roles, including Deputy Chief Investment Officer. Chairman David Spector expressed confidence in Chang's leadership amid evolving market opportunities.

PennyMac Mortgage Investment Trust (NYSE: PMT) announced cash dividends for Q1 2023 on its preferred shares. The dividends are as follows:

• PMT PrA: $0.507813, 8.125%, Record Date: March 1, Payment Date: March 15
• PMT PrB: $0.500000, 8.000%, Record Date: March 1, Payment Date: March 15
• PMT PrC: $0.421875, 6.750%, Record Date: March 1, Payment Date: March 15

This distribution reflects the company's commitment to its shareholders amidst ongoing mortgage market challenges.

PennyMac Mortgage Investment Trust (NYSE: PMT) reported a fourth quarter 2022 net loss of $5.8 million, equating to $(0.07) per share, on net investment income of $49.4 million. This contrasts with a net income of $1.5 million in the previous quarter. The company declared a cash dividend of $0.40 per share for Q4 2022, paid on January 27, 2023. Full-year results showed a significant net loss of $73.3 million, down from a profit of $56.9 million in 2021, with diluted earnings per share at $(1.26). Investment activities decreased, with correspondent loan production down 34% from Q3 2022. Book value per share fell to $15.78 from $16.18.

PennyMac Financial Services reported a net income of $37.6 million for Q4 2022, equating to $0.71 per share, on $340.4 million in revenue. The book value per share increased to $69.44. A cash dividend of $0.20 per share was declared, payable on February 24, 2023. However, pretax income shrank by 63% quarter-over-quarter to $67.7 million. The Production segment saw a pretax loss of $9.0 million, while servicing income dropped to $75.6 million. For the full year, net income was down to $475.5 million from $1.0 billion in 2021. PFSI continues to manage $551.7 billion in servicing portfolios, reflecting a 2% increase from the previous quarter.

PennyMac Mortgage Investment Trust (NYSE: PMT) will announce its financial results for Q4 and the entire year ended December 31, 2022, with a press release set for February 2, 2023, post-market close. The results will be accessible on their website, where a recorded presentation by the executives will also be available simultaneously. PMT, managed by PNMAC Capital Management, invests primarily in residential mortgage loans and related assets.