NYSE:PMT

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PennyMac Mortgage Investment Trust

Executive Summary

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in mortgage-related assets in the United States. More Details


Snowflake Analysis

Moderate growth potential second-rate dividend payer.


Similar Companies

Share Price & News

How has PennyMac Mortgage Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PMT is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: PMT's weekly volatility has decreased from 17% to 5% over the past year.


Market Performance


7 Day Return

3.1%

PMT

5.0%

US Mortgage REITs

2.8%

US Market


1 Year Return

-24.4%

PMT

-27.3%

US Mortgage REITs

19.7%

US Market

Return vs Industry: PMT exceeded the US Mortgage REITs industry which returned -27.3% over the past year.

Return vs Market: PMT underperformed the US Market which returned 19.7% over the past year.


Shareholder returns

PMTIndustryMarket
7 Day3.1%5.0%2.8%
30 Day9.1%20.4%8.0%
90 Day-1.6%16.7%6.8%
1 Year-17.1%-24.4%-19.3%-27.3%22.4%19.7%
3 Year46.6%10.3%-4.4%-30.4%47.3%37.5%
5 Year79.2%6.8%41.5%-18.3%93.6%72.3%

Long-Term Price Volatility Vs. Market

How volatile is PennyMac Mortgage Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is PennyMac Mortgage Investment Trust undervalued compared to its fair value and its price relative to the market?

595.57x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PMT ($17.39) is trading above our estimate of fair value ($12.61)

Significantly Below Fair Value: PMT is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PMT is poor value based on its PE Ratio (595.6x) compared to the US Mortgage REITs industry average (19x).

PE vs Market: PMT is poor value based on its PE Ratio (595.6x) compared to the US market (19.7x).


Price to Earnings Growth Ratio

PEG Ratio: PMT is poor value based on its PEG Ratio (7.9x)


Price to Book Ratio

PB vs Industry: PMT's PB Ratio (0.9x) is in line with the US Mortgage REITs industry average.


Next Steps

Future Growth

How is PennyMac Mortgage Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

75.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PMT's forecast earnings growth (75.6% per year) is above the savings rate (2.2%).

Earnings vs Market: PMT's earnings (75.6% per year) are forecast to grow faster than the US market (22% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PMT's revenue is expected to decline over the next 3 years (-10% per year).

High Growth Revenue: PMT's revenue is forecast to decline over the next 3 years (-10% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PMT's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

Past Performance

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

-16.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PMT has high quality earnings.

Growing Profit Margin: PMT's current net profit margins (0.2%) are lower than last year (18%).


Past Earnings Growth Analysis

Earnings Trend: PMT's earnings have declined by 16.8% per year over the past 5 years.

Accelerating Growth: PMT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PMT had negative earnings growth (-98.4%) over the past year, making it difficult to compare to the Mortgage REITs industry average (-16.6%).


Return on Equity

High ROE: PMT's Return on Equity (1.2%) is considered low.


Next Steps

Financial Health

How is PennyMac Mortgage Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: PMT's short term assets ($6.1B) exceed its short term liabilities ($6.0B).

Long Term Liabilities: PMT's short term assets ($6.1B) exceed its long term liabilities ($2.2B).


Debt to Equity History and Analysis

Debt Level: PMT's debt to equity ratio (340.2%) is considered high.

Reducing Debt: PMT's debt to equity ratio has increased from 260.1% to 340.2% over the past 5 years.

Debt Coverage: PMT's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if PMT's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

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

5.75%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PMT's dividend (5.75%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: PMT's dividend (5.75%) is in the top 25% of dividend payers in the US market (4.05%)


Stability and Growth of Payments

Stable Dividend: PMT's dividend payments have been volatile in the past 10 years.

Growing Dividend: PMT's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (5205.7%), PMT's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PMT's dividends in 3 years are forecast to be covered by earnings (79.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.9yrs

Average management tenure


CEO

David Spector (57 yo)

3.83yrs

Tenure

US$747,969

Compensation

Mr. David A. Spector has been the President and Chief Executive Officer of PennyMac Financial Services, Inc. since February 2013 and January 1, 2017 respectively. Mr. Spector has been Chief Executive Offic...


Leadership Team

NamePositionTenureCompensationOwnership
David Spector
CEO, President & Trustee3.83yrsUS$747.97k0.14%
$ 2.5m
Andrew Chang
Senior MD & CFO3.83yrsUS$249.97k0.086%
$ 1.5m
Vandad Fartaj
Senior MD & Chief Investment Officer10.67yrsUS$299.99k0.093%
$ 1.6m
Douglas Jones
Senior MD & Chief Mortgage Banking Officer9.25yrsUS$249.97k0.064%
$ 1.1m
Jeffrey Grogin
Senior MD & Chief Enterprise Operations Officerno dataUS$191.06k0.037%
$ 645.8k
Gregory Hendry
Chief Accounting Officerno datano data0.012%
$ 216.5k
Christopher Oltmann
Senior Vice President of Investor Relationsno datano datano data
Derek Stark
Senior MD2.75yrsno datano data
David Walker
Senior MD & Chief Risk Officerno dataUS$191.06k0.078%
$ 1.4m
Anne McCallion
Senior MD & Chief Enterprise Operations Officer4.75yrsUS$235.15k0.14%
$ 2.4m
Steven Bailey
Senior MD & Chief Mortgage Operations Officer8.75yrsUS$191.06kno data
Daniel Perotti
Senior MD & Deputy CFO7yrsUS$191.06kno data

5.9yrs

Average Tenure

58.5yo

Average Age

Experienced Management: PMT's management team is seasoned and experienced (5.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
David Spector
CEO, President & Trustee3.83yrsUS$747.97k0.14%
$ 2.5m
Stanford Kurland
Non-Executive Chairman11.33yrsUS$1.09m0.89%
$ 15.5m
Stacey Stewart
Independent Trustee11.25yrsUS$193.25k0.021%
$ 372.0k
Marianne Sullivan
Independent Trustee3.17yrsUS$193.25k0.10%
$ 1.8m
Scott Carnahan
Independent Trustee11.25yrsUS$201.00k0.12%
$ 2.1m
Randall Hadley
Independent Trustee11.25yrsUS$216.25k0.044%
$ 777.9k
Nancy McAllister
Independent Trustee8yrsUS$206.00k0.044%
$ 771.1k
Preston DuFauchard
Lead Independent Trustee0.67yrUS$204.00k0.020%
$ 358.5k

11.3yrs

Average Tenure

61.5yo

Average Age

Experienced Board: PMT's board of directors are seasoned and experienced ( 11.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PMT insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.6%.


Top Shareholders

Company Information

PennyMac Mortgage Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PennyMac Mortgage Investment Trust
  • Ticker: PMT
  • Exchange: NYSE
  • Founded: 2009
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Market Cap: US$1.751b
  • Shares outstanding: 98.79m
  • Website: https://www.pennymacmortgageinvestmenttrust.com

Number of Employees


Location

  • PennyMac Mortgage Investment Trust
  • 3043 Townsgate Road
  • Westlake Village
  • California
  • 91361
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PMTNYSE (New York Stock Exchange)YesCommon SharesUSUSDJul 2009
8PMDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2009
PMT.PRANYSE (New York Stock Exchange)PFD SER AUSUSDMar 2017
PMT.PRBNYSE (New York Stock Exchange)CUM RED PFD BUSUSDJun 2017

Biography

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in mortgage-related assets in the United States. The company operates through Credit Sensitive Strategies, Interest Rate S...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/26 00:00
End of Day Share Price2020/11/25 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.