PennyMac Mortgage Investment Trust
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 45 days ago. More info.
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PMT Share Price and Events
7 Day Returns
1 Year Returns
PMT Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| PennyMac Mortgage Investment Trust (PMT) | 0.9% | 3.6% | 6.3% | 14.6% | 35.8% | 0.1% |
| US Mortgage REITs | 1.1% | -2% | -4.7% | -6.4% | 1.1% | -14.4% |
| US Market | 0.5% | -0.1% | 1% | 0.8% | 37.5% | 37.5% |
1 Year Return vs Industry and Market
- PMT outperformed the Mortgage REITs industry which returned -6.4% over the past year.
- PMT outperformed the Market in United States of America which returned 0.8% over the past year.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for PennyMac Mortgage Investment Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity = $21.09 * 9.7% |
$2.04 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 4 analysts. | $21.09 |
| Discount Rate (Cost of Equity) | See below | 8.7% |
| 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.
| 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 | 0.27 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.275 (1 + (1- 21%) (340.1%)) |
1.009 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.01 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.009 * 5.96%) |
8.74% |
Discounted Cash Flow Calculation for NYSE:PMT 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.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (9.7% – 8.74%) * $21.09) |
$0.19 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= $0.19 / (8.74% - 2.73%) |
$3.21 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= $21.09 + $3.21 |
$24.3 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $24.30 |
| Current discount | Discount to share price of
$21.87
= -1 x ($21.87 - $24.30) / $24.30 |
10% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- PennyMac Mortgage Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- PennyMac Mortgage Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $2.46 |
| NYSE:PMT Share Price ** | NYSE (2019-06-14) in USD | $21.87 |
| United States of America Mortgage REITs Industry PE Ratio | Median Figure of 23 Publicly-Listed Mortgage REITs Companies | 12.89x |
| United States of America Market PE Ratio | Median Figure of 3,094 Publicly-Listed Companies | 17.69x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of PennyMac Mortgage Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:PMT Share Price ÷ EPS (both in USD) = 21.87 ÷ 2.46 |
8.87x |
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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 8.87x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
3.9%per year |
| United States of America Mortgage REITs Industry PEG Ratio | Median Figure of 21 Publicly-Listed Mortgage REITs Companies | 1.2x |
| United States of America Market PEG Ratio | Median Figure of 2,125 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 8.87x ÷ 3.9% |
2.28x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- PennyMac Mortgage Investment Trust is poor 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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $20.87 |
| NYSE:PMT Share Price * | NYSE (2019-06-14) in USD | $21.87 |
| United States of America Mortgage REITs Industry PB Ratio | Median Figure of 37 Publicly-Listed Mortgage REITs Companies | 0.94x |
| United States of America Market PB Ratio | Median Figure of 5,244 Publicly-Listed Companies | 1.79x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:PMT Share Price ÷ Book Value per Share (both in USD) = 21.87 ÷ 20.87 |
1.05x |
* 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.
Value checks
We assess PennyMac Mortgage Investment Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check) PennyMac Mortgage Investment Trust has a total score of 2/6, 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.
Future Performance
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!
Earnings growth vs Low Risk Savings
- 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 positive but not above the United States of America market average.
- PennyMac Mortgage Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:PMT Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | 3.9% |
| NYSE:PMT Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | 6% |
| United States of America Mortgage REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 40.7% |
| United States of America Mortgage REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 26.5% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 467 | 177 | 1 | |
| 2020-12-31 | 481 | 174 | 2 | |
| 2019-12-31 | 448 | 169 | 1 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 398 | -551 | 152 |
| 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 |
*GAAP earnings excluding extraordinary items.
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 6 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.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 2.10 | 2.15 | 2.05 | 2.00 |
| 2020-12-31 | 2.00 | 2.08 | 1.90 | 7.00 |
| 2019-12-31 | 2.09 | 2.15 | 1.95 | 5.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 2.46 |
| 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 |
*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%).
Future performance checks
We assess PennyMac Mortgage Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
PennyMac Mortgage Investment Trust has a total score of 1/6, 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.
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
Past Earnings growth analysis
- PennyMac Mortgage Investment Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
- PennyMac Mortgage Investment Trust's 1-year earnings growth exceeds its 5-year average (59.9% vs -11.8%)
- PennyMac Mortgage Investment Trust's earnings growth has exceeded the US Mortgage REITs industry average in the past year (59.9% vs 13.7%).
Earnings and Revenue History
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.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 397.54 | 152.47 | 39.89 | |
| 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 |
*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 more 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.
Past performance checks
We assess PennyMac Mortgage Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
PennyMac Mortgage Investment Trust has a total score of 3/6, 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.
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.
- 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
Assets
Liabilities and shares
- 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.
All data from PennyMac Mortgage Investment Trust Company Filings, last reported 2 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,727.59 | 5,683.60 | 257.25 |
| 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 |
- PennyMac Mortgage Investment Trust's level of debt (329%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (163.8% vs 329% 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.
Financial health checks
We assess PennyMac Mortgage Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) PennyMac Mortgage Investment Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
PennyMac Mortgage Investment Trust
shares you are expected to receive
$172
in your first year as a dividend.
Dividend Amount
- PennyMac Mortgage Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- PennyMac Mortgage Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
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.
| 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 6 Analyst Estimates (S&P Global) | See Below |
| United States of America Mortgage REITs Industry Average Dividend Yield | Market Cap Weighted Average of 37 Stocks | 10.5% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2011 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| 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.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 1.99 | 3.00 |
| 2020-12-31 | 1.91 | 6.00 |
| 2019-12-31 | 1.88 | 6.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-26 | 1.880 | 8.912 |
| 2018-12-21 | 1.880 | 9.424 |
| 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.
Income/ dividend checks
We assess PennyMac Mortgage Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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.
Management
CEO
| COMPENSATION | $747,988 |
| AGE | 55 |
| TENURE AS CEO | 2.4 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. Mr. Spector 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, both up more than 20%.
- 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:
- The tenure for the PennyMac Mortgage Investment Trust management team is about average.
Management Team
Stan Kurland
Executive Chairman
$1M
66
David Spector
$748K
55
2.4 yrs
Andrew Chang
Senior MD & CFO
$250K
41
2.4 yrs
Vandad Fartaj
Senior MD & Chief Investment Officer
$250K
43
9.3 yrs
Doug Jones
Senior MD & Chief Mortgage Banking Officer
$250K
61
7.8 yrs
Greg Hendry
Chief Accounting Officer
57
Jeff Grogin
Senior MD & Chief Administrative Officer
$191K
58
7.3 yrs
Christopher Oltmann
Senior Vice President of Investor Relations
Derek Stark
Senior MD
1.3 yrs
Anne McCallion
Senior MD & Chief Enterprise Operations Officer
$235K
63
3.3 yrs
Board of Directors Tenure
Average tenure and age of the PennyMac Mortgage Investment Trust board of directors in years:
- The tenure for the PennyMac Mortgage Investment Trust board of directors is about average.
Board of Directors
Stan Kurland
Executive Chairman
$1M
66
9.9 yrs
David Spector
$748K
55
10.1 yrs
Frank Willey
Independent Trustee
$193K
64
9.8 yrs
Scott Carnahan
Independent Trustee
$192K
64
9.8 yrs
Randall Hadley
Independent Lead Trustee
$208K
74
Stacey Stewart
Independent Trustee
$185K
54
9.8 yrs
Nancy McAllister
Independent Trustee
$197K
58
6.6 yrs
Preston DuFauchard
Independent Trustee
$195K
61
6.6 yrs
Marianne Sullivan
$185K
52
1.8 yrs
Who owns this company?
Recent Insider Trading
- PennyMac Mortgage Investment Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 22. Mar 19 | Sell | David Spector | Individual | 20. Mar 19 | 20. Mar 19 | -35,000 | $20.61 | $-721,459 | ||
| 04. Sep 18 | Buy | Marianne Sullivan | Individual | 31. Aug 18 | 31. Aug 18 | 3,015 | $19.96 | $60,159 | ||
| 14. Aug 18 | Sell | Preston DuFauchard | Individual | 13. Aug 18 | 13. Aug 18 | -5,300 | $19.52 | $-103,480 | ||
Management checks
We assess PennyMac Mortgage Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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.
News
Simply Wall St News
Here's Why I Think PennyMac Mortgage Investment Trust (NYSE:PMT) Might Deserve Your Attention Today
In contrast to all that, I prefer to spend time on companies like PennyMac Mortgage Investment Trust (NYSE:PMT), which has not only revenues, but also profits. … See our latest analysis for PennyMac Mortgage Investment Trust PennyMac Mortgage Investment Trust's Earnings Per Share Are Growing. … As a result, I'm encouraged by the fact that insiders own PennyMac Mortgage Investment Trust shares worth a considerable sum.
Simply Wall St - – Full articleRead This Before Buying PennyMac Mortgage Investment Trust (NYSE:PMT) Shares
So before you buy or sell PennyMac Mortgage Investment Trust (NYSE:PMT), you may well want to know whether insiders have been buying or selling. … PennyMac Mortgage Investment Trust Insider Transactions Over The Last Year. … That means that an insider was selling shares at below the current price (US$20.87)
Simply Wall St - – Full articleWhat Are Analysts Saying About The Future Of PennyMac Mortgage Investment Trust's (NYSE:PMT)?
Since PennyMac Mortgage Investment Trust (NYSE:PMT) released its earnings in December 2018,. … with earnings expected to grow by 7.3% in the upcoming year … the past 5-year average growth rate of -16%
Simply Wall St - – Full articleWhat Are Analysts Saying About The Future Of PennyMac Mortgage Investment Trust's (NYSE:PMT)?
PennyMac Mortgage Investment Trust's (NYSE:PMT) released its most recent earnings update in December 2018, whicha
Simply Wall St - – Full articleDo Institutions Own PennyMac Mortgage Investment Trust (NYSE:PMT) Shares?
A look at the shareholders of PennyMac Mortgage Investment Trust (NYSE:PMT) can tell us which group is most powerful. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … PennyMac Mortgage Investment Trust isn't enormous, but it's not particularly small either.
Simply Wall St - – Full articleHow Many Insiders Bought PennyMac Mortgage Investment Trust (NYSE:PMT) Shares?
So shareholders might well want to know whether insiders have been buying or selling shares in PennyMac Mortgage Investment Trust (NYSE:PMT). … The Last 12 Months Of Insider Transactions At PennyMac Mortgage Investment Trust. … In total, PennyMac Mortgage Investment Trust insiders bought more than they sold over the last year
Simply Wall St - – Full articlePennyMac Mortgage Investment Trust (NYSE:PMT): Is Now The Time To Buy Some Real Estate?
operates in the real estate industry … A real estate investment trust (REIT) is a collective vehicle for investing in real estate that originated in the US and has since been taken on board globally … Real estate analysts are forecasting for the entire industry,
Simply Wall St - – Full articleIs PennyMac Mortgage Investment Trust's (NYSE:PMT) Growth Strong Enough To Justify Its June Share Price?
Growth expectations for PennyMac Mortgage Investment Trust (NYSE:PMT) are high, but many investors are starting to ask whether its last close at $18.72 can still be rationalized by the future potential. … View out our latest analysis for PennyMac Mortgage Investment Trust? … Analysts are predicting good growth prospects for PennyMac Mortgage Investment Trust over the next couple of years
Simply Wall St - – Full articleHave Investors Priced In PennyMac Mortgage Investment Trust's (NYSE:PMT) Growth?
PennyMac Mortgage Investment Trust (NYSE:PMT), a mortgage reits company based in United States, saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. … It’s trading around 3.34% below my intrinsic value, which means if you buy PennyMac Mortgage Investment Trust today, you’d be paying a reasonable price for it. … In addition to this, it seems like PennyMac Mortgage Investment Trust’s share price is quite stable, which could mean there may be less chances to buy low in the future now that it’s fairly valued.
Simply Wall St - – Full articleWhat’s Installed For PennyMac Mortgage Investment Trust (NYSE:PMT)?
PennyMac Mortgage Investment Trust (NYSE:PMT), a $1.04B small-cap, operates in the real estate industry which remains the single largest sector globally, and has continued to play a key role in investor portfolios as an asset class. … Today, I will analyse the industry outlook, and also determine whether PennyMac Mortgage Investment Trust is a laggard or leader relative to its real estate sector peers. … Check out our latest analysis for PennyMac Mortgage Investment Trust What’s the catalyst for PennyMac Mortgage Investment Trust's sector growth?
Simply Wall St - – Full articleCompany 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 | |
| Exchange: | NYSE |
| Founded: | 2009 |
| $1,671,139,953 | |
| 76,412,435 | |
| 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
Industry
| Mortgage REITs | |
| Diversified Financials |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/17 00:19 |
| End of day share price update: | 2019/06/14 00:00 |
| Last estimates confirmation: | 2019/06/06 |
| Last earnings filing: | 2019/05/03 |
| Last earnings reported: | 2019/03/31 |
| 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.
