PennyMac Mortgage Investment Trust
Market Cap
US$2.2b
Last Updated
2019/12/14 00:59 UTC
Data Sources
Company Financials +
Executive Summary
PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States.
Rewards
Risk Analysis
Snowflake Analysis
Good value average 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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.7%
PMT
0.04%
US Mortgage REITs
0.6%
US Market
1 Year Return
7.8%
PMT
0.9%
US Mortgage REITs
20.8%
US Market
Return vs Industry: PMT exceeded the US Mortgage REITs industry which returned 0.9% over the past year.
Return vs Market: PMT underperformed the US Market which returned 20.8% over the past year.
Shareholder returns
| PMT | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.7% | 0.04% | 0.6% |
| 30 Day | -1.6% | 2.5% | 2.5% |
| 90 Day | 1.1% | 4.8% | 4.9% |
| 1 Year | 17.9%7.8% | 12.2%0.9% | 23.5%20.8% |
| 3 Year | 81.1%33.9% | 42.3%2.6% | 46.5%37.0% |
| 5 Year | 75.7%1.7% | 58.3%-9.1% | 64.6%46.5% |
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
3 days ago | Simply Wall St
This Insider Has Just Sold Shares In PennyMac Mortgage Investment Trust (NYSE:PMT)3 weeks ago | Simply Wall St
Update: PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Gained 39% In The Last Three Years1 month ago | Simply Wall St
What Type Of Shareholder Owns PennyMac Mortgage Investment Trust's (NYSE:PMT)?Valuation
Is PennyMac Mortgage Investment Trust undervalued compared to its fair value and its price relative to the market?
47.6%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: PMT ($22.26) is trading below our estimate of fair value ($42.49)
Significantly Below Fair Value: PMT is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: PMT is good value based on its PE Ratio (8.6x) compared to the Mortgage REITs industry average (13.4x).
PE vs Market: PMT is good value based on its PE Ratio (8.6x) compared to the US market (18.6x).
Price to Earnings Growth Ratio
PEG Ratio: PMT is poor value based on its PEG Ratio (1.1x)
Price to Book Ratio
PB vs Industry: PMT is overvalued based on its PB Ratio (1x) compared to the US Mortgage REITs industry average (1x).
Next Steps
Future Growth
How is PennyMac Mortgage Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
7.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PMT's forecast earnings growth (7.7% per year) is above the savings rate (1.7%).
Earnings vs Market: PMT's earnings (7.7% per year) are forecast to grow slower than the US market (14.4% per year).
High Growth Earnings: PMT's earnings are forecast to grow, but not significantly.
Revenue vs Market: PMT's revenue (6% per year) is forecast to grow slower than the US market (7.4% per year).
High Growth Revenue: PMT's revenue (6% per year) is forecast to grow slower than 20% 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 (10%).
Next Steps
Past Performance
How has PennyMac Mortgage Investment Trust performed over the past 5 years?
-0.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PMT has a high level of non-cash earnings.
Growing Profit Margin: PMT's current net profit margins (26.1%) are lower than last year (30.8%).
Past Earnings Growth Analysis
Earnings Trend: PMT's earnings have declined by -0.8% per year over the past 5 years.
Accelerating Growth: PMT's earnings growth over the past year (45.5%) exceeds its 5-year average (-0.8% per year).
Earnings vs Industry: PMT earnings growth over the past year (45.5%) exceeded the Mortgage REITs industry 0.1%.
Return on Equity
High ROE: PMT's Return on Equity (9.4%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is PennyMac Mortgage Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: PMT has a low level of unsold assets or inventory.
Debt Coverage by Assets: PMT's debt is not covered by short term assets (assets are 0.8x debt).
Financial Institutions Analysis
Asset Level: PMT's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if PMT has a sufficient allowance for bad loans.
Low Risk Liabilities: PMT reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if PMT has an acceptable proportion of non-loan assets held.
Low Risk Deposits: PMT has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if PMT has an appropriate level of bad loans.
Next Steps
Dividend
What is PennyMac Mortgage Investment Trust's current dividend yield, its reliability and sustainability?
8.45%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: PMT's dividend (8.45%) is higher than the bottom 25% of dividend payers in the US market (1.43%).
High Dividend: PMT's dividend (8.45%) is in the top 25% of dividend payers in the US market (3.71%)
Stability and Growth of Payments
Stable Dividend: PMT has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: PMT's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (72.5%), PMT's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: PMT's dividends in 3 years are forecast to be covered by earnings (89.6% payout ratio).
Next Steps
Management
What is the CEO of PennyMac Mortgage Investment Trust's salary, the management and board of directors tenure and is there insider trading?
7.8yrs
Average management tenure
CEO
David Spector (56yo)
2.9yrs
Tenure
US$747,988
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 ...
Management Age and Tenure
7.8yrs
Average Tenure
58.5yo
Average Age
Experienced Management: PMT's management team is seasoned and experienced (7.8 years average tenure).
Board Age and Tenure
10.3yrs
Average Tenure
62yo
Average Age
Experienced Board: PMT's board of directors are seasoned and experienced ( 10.3 years average tenure).
Insider Trading
Insider Buying: PMT insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Senior Key Executive Senior MD & Chief Mortgage Banking Officer |
| Shares | 5,000 |
| Max Price | US$22.91 |
| Entity | Individual |
| Role | Chief Executive Officer CEO, President & Trustee |
| Shares | 35,000 |
| Max Price | US$20.61 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.8%.
Management Team
Stan Kurland (67yo)
Executive Chairman
- Tenure: 10.4yrs
- Compensation: US$1.09m
David Spector (56yo)
CEO, President & Trustee
- Tenure: 2.9yrs
- Compensation: US$747.99k
Greg Hendry (58yo)
Chief Accounting Officer
- Tenure: 0yrs
Doug Jones (62yo)
Senior MD & Chief Mortgage Banking Officer
- Tenure: 8.3yrs
- Compensation: US$249.99k
Andrew Chang (42yo)
Senior MD & CFO
- Tenure: 2.9yrs
- Compensation: US$249.99k
Jeff Grogin (59yo)
Senior MD & Chief Administrative Officer
- Tenure: 7.8yrs
- Compensation: US$191.06k
David Walker (64yo)
Senior MD & Chief Risk Officer
- Tenure: 10.6yrs
- Compensation: US$191.06k
Vandad Fartaj (44yo)
Senior MD & Chief Investment Officer
- Tenure: 9.8yrs
- Compensation: US$249.99k
Derek Stark
Senior MD
- Tenure: 1.8yrs
Christopher Oltmann
Senior Vice President of Investor Relations
- Tenure: 0yrs
Board Members
Stan Kurland (67yo)
Executive Chairman
- Tenure: 10.4yrs
- Compensation: US$1.09m
Frank Willey (65yo)
Independent Trustee
- Tenure: 10.3yrs
- Compensation: US$193.35k
Stacey Stewart (55yo)
Independent Trustee
- Tenure: 10.3yrs
- Compensation: US$184.60k
David Spector (56yo)
CEO, President & Trustee
- Tenure: 2.9yrs
- Compensation: US$747.99k
Marianne Sullivan (53yo)
Independent Trustee
- Tenure: 2.3yrs
- Compensation: US$184.60k
Scott Carnahan (65yo)
Independent Trustee
- Tenure: 10.3yrs
- Compensation: US$192.35k
Randall Hadley (75yo)
Independent Lead Trustee
- Tenure: 0yrs
- Compensation: US$207.60k
Nancy McAllister (59yo)
Independent Trustee
- Tenure: 7.1yrs
- Compensation: US$197.35k
Preston DuFauchard (62yo)
Independent Trustee
- Tenure: 7.1yrs
- Compensation: US$195.35k
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$2.203b
- Shares outstanding: 98.98m
- Website: https://www.pennymacmortgageinvestmenttrust.com
Number of Employees
Location
- PennyMac Mortgage Investment Trust
- 3043 Townsgate Road
- Westlake Village
- California
- 91361
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PMT | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Jul 2009 |
| 8PM | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Jul 2009 |
| PMT.PRA | NYSE (New York Stock Exchange) | PFD SER A | US | USD | Mar 2017 | |
| PMT.PRB | NYSE (New York Stock Exchange) | CUM RED PFD B | US | USD | Jun 2017 |
Biography
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 seg ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/14 00:59 |
| End of Day Share Price | 2019/12/13 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.