Loading...

PennyMac Mortgage Investment Trust

NYSE:PMT.PRA
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PMT.PRA
NYSE
$1B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
PMT.PRA Share Price and Events
7 Day Returns
0.1%
NYSE:PMT.PRA
-0.6%
US Mortgage REITs
-1.1%
US Market
1 Year Returns
-0.5%
NYSE:PMT.PRA
0.9%
US Mortgage REITs
6.4%
US Market
PMT.PRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PennyMac Mortgage Investment Trust (PMT.PRA) 0.1% -0.6% 10% -0.5% - -
US Mortgage REITs -0.6% 0.3% 7.4% 0.9% 11.8% -5.6%
US Market -1.1% 0.3% 16.7% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • PMT.PRA underperformed the Mortgage REITs industry which returned 0.9% over the past year.
  • PMT.PRA underperformed the Market in United States of America which returned 6.4% over the past year.
Price Volatility
PMT.PRA
Industry
5yr Volatility vs Market

PMT.PRA Value

 Is PennyMac Mortgage Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PennyMac Mortgage Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PennyMac Mortgage Investment Trust.

NYSE:PMT.PRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $20.58 * 7.2%
$1.49
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $20.58
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PMT.PRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.29
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.29 (1 + (1- 21%) (439.53%))
1.199
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.199 * 5.96%)
9.88%

Discounted Cash Flow Calculation for NYSE:PMT.PRA using Excess Returns Model Model

The calculations below outline how an intrinsic value for PennyMac Mortgage Investment Trust is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:PMT.PRA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.2% – 9.88%) * $20.58)
$-0.55
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.55 / (9.88% - 2.73%)
$-7.64
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $20.58 + $-7.64
$12.94
NYSE:PMT.PRA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:PMT.PRA represents 1.2385x of NYSE:PMT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.2385x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 12.94 x 1.2385
$16.03
Value per share (USD) From above. $16.03
Current discount Discount to share price of $25.29
= -1 x ($25.29 - $16.03) / $16.03
-57.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of PennyMac Mortgage Investment Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PennyMac Mortgage Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PennyMac Mortgage Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PMT.PRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $2.09
NYSE:PMT Share Price ** NYSE (2019-03-22) in USD $20.42
United States of America Mortgage REITs Industry PE Ratio Median Figure of 22 Publicly-Listed Mortgage REITs Companies 11.42x
United States of America Market PE Ratio Median Figure of 3,061 Publicly-Listed Companies 17.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PennyMac Mortgage Investment Trust.

NYSE:PMT.PRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PMT Share Price ÷ EPS (both in USD)

= 20.42 ÷ 2.09

9.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PennyMac Mortgage Investment Trust is good value based on earnings compared to the US Mortgage REITs industry average.
  • PennyMac Mortgage Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does PennyMac Mortgage Investment Trust's expected growth come at a high price?
Raw Data
NYSE:PMT.PRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
14.6%per year
United States of America Mortgage REITs Industry PEG Ratio Median Figure of 20 Publicly-Listed Mortgage REITs Companies 1.08x
United States of America Market PEG Ratio Median Figure of 2,104 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

NYSE:PMT.PRA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.78x ÷ 14.6%

0.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PennyMac Mortgage Investment Trust is good value based on expected growth next year.
Price based on value of assets
What value do investors place on PennyMac Mortgage Investment Trust's assets?
Raw Data
NYSE:PMT.PRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $20.78
NYSE:PMT Share Price * NYSE (2019-03-22) in USD $20.42
United States of America Mortgage REITs Industry PB Ratio Median Figure of 37 Publicly-Listed Mortgage REITs Companies 0.98x
United States of America Market PB Ratio Median Figure of 5,164 Publicly-Listed Companies 1.84x
NYSE:PMT.PRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PMT Share Price ÷ Book Value per Share (both in USD)

= 20.42 ÷ 20.78

0.98x

* Primary Listing of PennyMac Mortgage Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PennyMac Mortgage Investment Trust is overvalued based on assets compared to the US Mortgage REITs industry average.
X
Value checks
We assess PennyMac Mortgage Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. PennyMac Mortgage Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PMT.PRA Future Performance

 How is PennyMac Mortgage Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PennyMac Mortgage Investment Trust expected to grow at an attractive rate?
  • PennyMac Mortgage Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • PennyMac Mortgage Investment Trust's earnings growth is expected to exceed the United States of America market average.
  • PennyMac Mortgage Investment Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PMT.PRA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PMT.PRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 14.6%
NYSE:PMT.PRA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 28.6%
United States of America Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 30.7%
United States of America Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 25.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PMT.PRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PMT.PRA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 197
2020-12-31 684 157 1
2019-12-31 603 137 1
NYSE:PMT.PRA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 368 -574 127
2018-09-30 382 -861 126
2018-06-30 354 -655 99
2018-03-31 361 -50 95
2017-12-31 351 223 101
2017-09-30 288 453 98
2017-06-30 319 -156 120
2017-03-31 302 -187 88
2016-12-31 311 -622 74
2016-09-30 334 -1,129 59
2016-06-30 326 619 62
2016-03-31 318 -150 96

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PennyMac Mortgage Investment Trust's earnings are expected to grow by 14.6% yearly, however this is not considered high growth (20% yearly).
  • PennyMac Mortgage Investment Trust's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PMT.PRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from PennyMac Mortgage Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PMT.PRA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.05 2.05 2.05 1.00
2020-12-31 1.94 1.98 1.90 5.00
2019-12-31 1.84 1.88 1.80 5.00
NYSE:PMT.PRA Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 2.09
2018-09-30 2.04
2018-06-30 1.57
2018-03-31 1.48
2017-12-31 1.53
2017-09-30 1.47
2017-06-30 1.79
2017-03-31 1.31
2016-12-31 1.09
2016-09-30 0.84
2016-06-30 0.86
2016-03-31 1.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PennyMac Mortgage Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PennyMac Mortgage Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PennyMac Mortgage Investment Trust has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PMT.PRA Past Performance

  How has PennyMac Mortgage Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PennyMac Mortgage Investment Trust's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PennyMac Mortgage Investment Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • PennyMac Mortgage Investment Trust's 1-year earnings growth exceeds its 5-year average (25.2% vs -16.2%)
  • PennyMac Mortgage Investment Trust's earnings growth has exceeded the US Mortgage REITs industry average in the past year (25.2% vs 7%).
Earnings and Revenue History
PennyMac Mortgage Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PennyMac Mortgage Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PMT.PRA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 368.39 127.11 37.63
2018-09-30 382.20 126.30 37.69
2018-06-30 354.31 99.18 35.10
2018-03-31 361.21 95.37 35.74
2017-12-31 351.32 101.49 35.81
2017-09-30 287.97 97.99 35.57
2017-06-30 318.72 120.05 34.81
2017-03-31 301.59 88.26 33.90
2016-12-31 311.01 74.48 34.48
2016-09-30 333.66 58.98 35.38
2016-06-30 326.34 62.36 36.76
2016-03-31 317.56 95.56 36.16
2015-12-31 292.43 88.41 38.87
2015-09-30 300.59 99.08 41.64
2015-06-30 314.81 115.04 45.98
2015-03-31 377.46 162.18 50.64
2014-12-31 408.13 192.71 51.74
2014-09-30 442.24 219.27 53.15
2014-06-30 411.99 203.85 52.73
2014-03-31 399.36 183.13 50.48
2013-12-31 424.66 198.44 48.70
2013-09-30 446.23 194.59 44.48
2013-06-30 447.42 195.45 43.16
2013-03-31 384.76 170.75 33.05
2012-12-31 328.46 136.82 25.63
2012-09-30 218.62 107.49 19.43
2012-06-30 162.52 87.96 13.29
2012-03-31 133.04 74.99 16.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PennyMac Mortgage Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PennyMac Mortgage Investment Trust used its assets less efficiently than the US Mortgage REITs industry average last year based on Return on Assets.
  • Unable to establish if PennyMac Mortgage Investment Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess PennyMac Mortgage Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PennyMac Mortgage Investment Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PMT.PRA Health

 How is PennyMac Mortgage Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PennyMac Mortgage Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PennyMac Mortgage Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PennyMac Mortgage Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of PennyMac Mortgage Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PennyMac Mortgage Investment Trust Company Filings, last reported 2 months ago.

NYSE:PMT.PRA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,566.13 6,099.04 227.01
2018-09-30 1,558.56 5,551.39 232.51
2018-06-30 1,545.49 4,998.18 196.27
2018-03-31 1,542.26 4,107.11 224.69
2017-12-31 1,544.59 3,932.48 191.53
2017-09-30 1,610.57 4,052.15 166.80
2017-06-30 1,454.83 4,437.85 143.77
2017-03-31 1,458.59 4,419.93 161.26
2016-12-31 1,351.11 4,848.70 68.19
2016-09-30 1,354.92 5,109.23 183.84
2016-06-30 1,360.83 4,263.06 130.71
2016-03-31 1,414.50 4,267.77 85.43
2015-12-31 1,496.11 4,193.70 68.19
2015-09-30 1,514.43 3,932.32 106.11
2015-06-30 1,525.30 5,006.45 128.65
2015-03-31 1,542.16 4,049.42 78.34
2014-12-31 1,578.17 3,161.68 87.49
2014-09-30 1,588.04 2,835.42 56.83
2014-06-30 1,577.16 3,128.30 52.50
2014-03-31 1,543.28 2,521.87 19.80
2013-12-31 1,467.11 2,683.56 35.39
2013-09-30 1,494.77 2,635.81 118.48
2013-06-30 1,244.18 2,086.56 79.58
2013-03-31 1,222.43 1,617.13 34.56
2012-12-31 1,201.34 1,257.07 57.46
2012-09-30 1,184.20 1,077.57 108.75
2012-06-30 805.67 1,024.41 42.65
2012-03-31 595.96 629.03 26.03
  • PennyMac Mortgage Investment Trust's level of debt (389.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (182.7% vs 389.4% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on PennyMac Mortgage Investment Trust's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess PennyMac Mortgage Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PennyMac Mortgage Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PMT.PRA Dividends

 What is PennyMac Mortgage Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.21%
Current annual income from PennyMac Mortgage Investment Trust dividends. Estimated to be 9.21% next year.
If you bought $2,000 of PennyMac Mortgage Investment Trust shares you are expected to receive $184 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PennyMac Mortgage Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • PennyMac Mortgage Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PMT.PRA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 36 Stocks 10.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PMT.PRA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.88 1.00
2020-12-31 1.88 3.00
2019-12-31 1.88 3.00
NYSE:PMT.PRA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-12-21 1.880 9.431
2018-09-25 1.880 9.391
2018-06-27 1.880 9.605
2018-03-28 1.880 10.284
2017-12-19 1.880 11.296
2017-09-27 1.880 11.590
2017-06-26 1.880 10.764
2017-03-27 1.880 10.594
2016-12-20 1.880 11.149
2016-09-26 1.880 11.997
2016-06-28 1.880 12.043
2016-02-29 2.160 15.196
2016-02-04 2.160 18.141
2015-06-25 2.440 15.604
2015-03-24 2.440 12.448
2014-12-10 2.440 11.278
2014-09-18 2.440 11.362
2014-06-27 2.360 10.800
2014-03-24 2.360 10.564
2013-12-27 2.360 10.010
2013-11-06 2.280 10.217
2013-08-09 2.280 10.250
2013-08-08 2.280 9.927
2013-05-10 2.280 10.377
2013-04-24 2.280 9.163
2013-04-23 2.280 9.483
2013-02-28 2.280 9.083
2012-11-09 2.280 8.989
2012-08-03 2.200 9.510
2012-05-03 2.200 11.250
2012-02-08 2.200 11.734
2011-10-27 2.000 11.793
2011-08-04 2.000 12.165
2011-05-04 1.680 9.972
2010-12-28 1.680 9.138
2010-11-03 1.680 9.368
2010-08-04 1.400 7.965

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PennyMac Mortgage Investment Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but PennyMac Mortgage Investment Trust only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of PennyMac Mortgage Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess PennyMac Mortgage Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PennyMac Mortgage Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PennyMac Mortgage Investment Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PMT.PRA Management

 What is the CEO of PennyMac Mortgage Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Spector
COMPENSATION $747,988
AGE 55
TENURE AS CEO 2.2 years
CEO Bio

Mr. David A. Spector has been the President and of Chief Executive Officer PennyMac Financial Services, Inc. since February 2013 and January 1, 2017 respectively. He has been Chief Executive Officer and President of PennyMac Mortgage Investment Trust since January 2017 and February 2013, respectively. He served as Chief Operating Officer of PennyMac Mortgage Investment Trust since February 2013 until January 7, 2017 and its Executive Managing Director since April 5, 2016 until January 7, 2017. Mr. Spector has been President and Chief Executive Officer of Private National Mortgage Acceptance Company, LLC since March 2015 and April 2017 respectively and served as its Chief Operating Officer since March 2015 until April 2017. He served as Chief Operating Officer of PennyMac Financial Services, Inc. since February 2013 to December 2016 and served as its Executive Managing Director since February 2016 until December 2016. He served as Chief Investment Officer at Private National Mortgage Acceptance Company, LLC, PennyMac Corp. and PennyMac Loan Services, LLC. He is responsible for oversight of all activities pertaining to investments and directs the activities of Portfolio Management, Capital Markets and Credit as each relates to mortgage credit and company credit risk. He served as the Managing Director and Co-Head of Global Residential Mortgages/Head of the Pan-European Residential Mortgage Business of Securitized Products Group at Morgan Stanley since September 2006. Mr. Spector was responsible for building out Morgan Stanley's residential mortgage business in Europe. Mr. Spector served as Executive Vice President of Marketing and Web Operations at vFinance, Inc., until December 2004. He served as Senior Managing Director of Secondary Marketing at Countrywide Financial Corp. since January 2004, where he was responsible for secondary marketing, including interest rate risk management and related functions, directing loan trading, pricing, hedging and servicing. He served as the Vice President of vFinance, Inc. since November 8, 1999. From 1995 to 1999, he served as the Vice President and regional creative Director of Green Advertising, a division of London-based WPP Group PLC managing the creative efforts of the agency. He was a Copywriter of Greenstone Roberts Advertising, with responsibilities for Royal Caribbean Cruise Lines and Radisson Hotels. Mr. Spector joined Countrywide in 1990 and served as its Executive Vice President of Secondary Markets and also served as its Managing Director since 2001. He served at Credit Suisse First Boston, Mortgage Finance Group, New York and Los Angeles from 1986 to 1989. He has been a Director of PennyMac Financial Services, Inc. Since December 2012. He has been a Trustee of PennyMac Mortgage Investment Trust since May 2009. He served as a Member of National Advisory Council at Federal National Mortgage Association. Mr. Spector holds a Bachelor of Arts degree in History from the University of California at Los Angeles.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year.
  • David's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the PennyMac Mortgage Investment Trust management team in years:

3.1
Average Tenure
57.5
Average Age
  • The tenure for the PennyMac Mortgage Investment Trust management team is about average.
Management Team

Stan Kurland

TITLE
Executive Chairman
COMPENSATION
$1M
AGE
66

David Spector

TITLE
CEO, President & Trustee
COMPENSATION
$748K
AGE
55
TENURE
2.2 yrs

Andrew Chang

TITLE
Senior MD & CFO
COMPENSATION
$250K
AGE
41
TENURE
2.2 yrs

Vandad Fartaj

TITLE
Senior MD & Chief Investment Officer
COMPENSATION
$250K
AGE
43
TENURE
9 yrs

Doug Jones

TITLE
Senior MD & Chief Mortgage Banking Officer
COMPENSATION
$250K
AGE
61
TENURE
7.6 yrs

Greg Hendry

TITLE
Chief Accounting Officer
AGE
57

Jeff Grogin

TITLE
Senior MD & Chief Administrative Officer
COMPENSATION
$191K
AGE
58
TENURE
7.1 yrs

Christopher Oltmann

TITLE
Senior Vice President of Investor Relations

Derek Stark

TITLE
Senior MD
TENURE
1.1 yrs

Anne McCallion

TITLE
Senior MD & Chief Enterprise Operations Officer
COMPENSATION
$235K
AGE
63
TENURE
3.1 yrs
Board of Directors Tenure

Average tenure and age of the PennyMac Mortgage Investment Trust board of directors in years:

9.6
Average Tenure
61
Average Age
  • The tenure for the PennyMac Mortgage Investment Trust board of directors is about average.
Board of Directors

Stan Kurland

TITLE
Executive Chairman
COMPENSATION
$1M
AGE
66
TENURE
9.7 yrs

David Spector

TITLE
CEO, President & Trustee
COMPENSATION
$748K
AGE
55
TENURE
9.8 yrs

Frank Willey

TITLE
Independent Trustee
COMPENSATION
$192K
AGE
64
TENURE
9.6 yrs

Scott Carnahan

TITLE
Independent Trustee
COMPENSATION
$191K
AGE
64
TENURE
9.6 yrs

Randall Hadley

TITLE
Independent Lead Trustee
COMPENSATION
$218K
AGE
74

Stacey Stewart

TITLE
Independent Trustee
COMPENSATION
$183K
AGE
54
TENURE
9.6 yrs

Nancy McAllister

TITLE
Independent Trustee
COMPENSATION
$196K
AGE
58
TENURE
6.3 yrs

Preston DuFauchard

TITLE
Independent Trustee
COMPENSATION
$180K
AGE
61
TENURE
6.3 yrs

Marianne Sullivan

TITLE
COMPENSATION
$59K
AGE
52
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess PennyMac Mortgage Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PennyMac Mortgage Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PMT.PRA News

Simply Wall St News

PMT.PRA Company Info

Description

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company’s Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS). Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, firm commitment to purchase CRT securities, distressed mortgage loans, real estate acquired in settlement of mortgage loans, non-Agency subordinated bonds, and small balance commercial real estate mortgage loans. The company’s Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, excess servicing spreads, and agency and senior non-agency MBS; and interest rate hedging activities related to indebtedness. PNMAC Capital Management, LLC acts as the manager of PennyMac Mortgage Investment Trust. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2009 and is based in Westlake Village, California.

Details
Name: PennyMac Mortgage Investment Trust
PMT.PRA
Exchange: NYSE
Founded: 2009
$1,387,633,646
67,954,635
Website: http://www.pennymacmortgageinvestmenttrust.com
Address: PennyMac Mortgage Investment Trust
3043 Townsgate Road,
Westlake Village,
California, 91361,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PMT Common Shares New York Stock Exchange US USD 30. Jul 2009
DB 8PM Common Shares Deutsche Boerse AG DE EUR 30. Jul 2009
NYSE PMT.PRB CUM RED PFD B New York Stock Exchange US USD 28. Jun 2017
NYSE PMT.PRA PFD SER A New York Stock Exchange US USD 03. Mar 2017
Number of employees
Current staff
Staff numbers
3
PennyMac Mortgage Investment Trust employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/24 00:37
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/17
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.