PennyMac Mortgage Investment Trust (PMT) Stock Overview
Through its subsidiary, primarily invests in residential mortgage-related assets in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 1/6 |
| Past Performance | 3/6 |
| Financial Health | 2/6 |
| Dividends | 2/6 |
Rewards
Risk Analysis
PMT Community Fair Values
Create NarrativeSee what 10 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
PennyMac Mortgage Investment Trust Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$10.18 |
| 52 Week High | US$13.81 |
| 52 Week Low | US$10.01 |
| Beta | 1.11 |
| 1 Month Change | -7.45% |
| 3 Month Change | -14.24% |
| 1 Year Change | -18.10% |
| 3 Year Change | -19.78% |
| 5 Year Change | -50.75% |
| Change since IPO | -46.70% |
Recent News & Updates
Narrative Update • May 24
PMT: Recalibrated Earnings And Margins Will Support Future Upside Potential
Analysts have trimmed their average price target on PennyMac Mortgage Investment Trust by about $0.54 to $12.61, citing updated assumptions around fair value, discount rates, revenue trends, profit margins, and future P/E expectations. Analyst Commentary Recent research updates around PennyMac Mortgage Investment Trust point to a more balanced and selective stance.Seeking Alpha • May 13
PennyMac Mortgage Investment: 9.2% Yielding Preferred Shares Great For Income Investors
Summary PennyMac Mortgage Investment Trust faces persistent negative net interest income despite a sixfold increase in loans since 2024. PMT’s balance sheet expansion has driven leverage up sharply, raising sensitivity to interest rate volatility and balance sheet risks. Common shares have seen declining book value and high yield at the expense of unrealized losses, making them unattractive. I favor PMT’s Series C preferred shares (PMT.PC), yielding 9.2%, as the best risk-reward for income-focused investors. Read the full article on Seeking AlphaNarrative Update • May 10
PMT: Higher Assumed P/E And Margins Will Support Future Upside
The analyst price target for PennyMac Mortgage Investment Trust has been reduced by about $0.30 per share as analysts factor in softer revenue expectations along with slightly firmer profit margins and a higher assumed future P/E multiple. Analyst Commentary Recent research on PennyMac Mortgage Investment Trust has focused on recalibrating expectations, with several firms reducing price targets and one moving to a more neutral rating.Recent updates
Narrative Update • May 24
PMT: Recalibrated Earnings And Margins Will Support Future Upside Potential
Analysts have trimmed their average price target on PennyMac Mortgage Investment Trust by about $0.54 to $12.61, citing updated assumptions around fair value, discount rates, revenue trends, profit margins, and future P/E expectations. Analyst Commentary Recent research updates around PennyMac Mortgage Investment Trust point to a more balanced and selective stance.Seeking Alpha • May 13
PennyMac Mortgage Investment: 9.2% Yielding Preferred Shares Great For Income Investors
Summary PennyMac Mortgage Investment Trust faces persistent negative net interest income despite a sixfold increase in loans since 2024. PMT’s balance sheet expansion has driven leverage up sharply, raising sensitivity to interest rate volatility and balance sheet risks. Common shares have seen declining book value and high yield at the expense of unrealized losses, making them unattractive. I favor PMT’s Series C preferred shares (PMT.PC), yielding 9.2%, as the best risk-reward for income-focused investors. Read the full article on Seeking AlphaNarrative Update • May 10
PMT: Higher Assumed P/E And Margins Will Support Future Upside
The analyst price target for PennyMac Mortgage Investment Trust has been reduced by about $0.30 per share as analysts factor in softer revenue expectations along with slightly firmer profit margins and a higher assumed future P/E multiple. Analyst Commentary Recent research on PennyMac Mortgage Investment Trust has focused on recalibrating expectations, with several firms reducing price targets and one moving to a more neutral rating.Seeking Alpha • Feb 04
PennyMac Mortgage Investment Trust: Best Preferred Share Is Series C, Yielding 8.5%
Summary PennyMac Mortgage Investment Trust offers a diversified investment strategy, balancing loans, mortgage-backed securities, servicing, and CRT investments, mitigating risks from interest rate fluctuations. Despite a tempting 11.75% dividend yield on common shares, rising delinquency rates and high interest rates pose unique risks. The Series C preferred shares offer a more attractive and stable 8.5% yield, making them a superior option for income investors. PMT has increased its liquidity with additional credit lines, enhancing its ability to navigate potential market challenges. Read the full article on Seeking AlphaSeeking Alpha • Oct 29
PennyMac Mortgage Investment Trust: Series C Preferred Shares Offer 8.2% Dividend Yield
Summary PennyMac Mortgage Investment Trust's Series C preferred shares offer an 8.2% dividend yield and are recommended over other options due to their discount and income potential. Despite interest rate volatility, PennyMac's net income covers preferred dividends, with improved net interest income from higher rate mortgage investments. Mortgage servicing is cash flow positive, with 98% of serviced mortgages insured by Fannie Mae and Freddie Mac. Increased leverage and interest rate hedging pose risks, but Series C preferred shares remain a better option than common shares or baby bonds. Read the full article on Seeking Alpha
New Narrative • Sep 24
Interest Rate Sensitivity And Competitive Pressures Threaten PMT's Profitability And Margins
Elevated interest rate sensitivity and volatility pose significant risks to future growth, potentially affecting net income through fair value changes.Seeking Alpha • Sep 11
PennyMac Mortgage Investment Trust: Not Terrible But Not Attractive
Summary PennyMac Mortgage Investment Trust offers a double-digit dividend yield, with the potential to grow if rates drop. The dividend history, however, has been one of a decline. Its investment income is complex for an mREIT, drawing from loan flipping, servicing fees, credit risk transfers, and hedging. Long-term, PMT faces risks that their mark-to-market assets will face margin calls and cause permanent capital loss, so a better margin of safety is needed before buying. Read the full article on Seeking AlphaSeeking Alpha • Dec 07
PennyMac Mortgage Investment Trust: This 11% Yielding mREIT May Cut Its Dividend Soon
Summary PennyMac Mortgage Investment Trust has significant investments in Mortgage Servicing Rights but has a weak long-term track record in book value and recently cut its dividend. PMT may face another dividend cut in 2023 as it has paid out more in dividends than it has produced in income. With the potential for the central bank to change its interest rate policy next year, PMT is not an attractive investment for passive income investors. Read the full article on Seeking AlphaSeeking Alpha • Aug 28
PennyMac: Pound Foolish
Summary PennyMac Mortgage Investment Trust announces that two of its preferred shares will not transition to a floating reference rate, impacting their dividend rates. The cost savings from this move are expected to be relatively small, and the company may face lawsuits as a result. The move is likely to damage investor goodwill and may affect future market demand for the company's securities. Read the full article on Seeking AlphaSeeking Alpha • Jun 20
PennyMac Mortgage: The 12% Yield Comes With A 17% Discount To Book
Summary PennyMac is paying out a 12% dividend yield to common shareholders. The mREIT's payout ratio currently stands at 80% with the commons swapping hands at a 16.7% discount to their fiscal 2023 first-quarter book value. Prospective shareholders should consider the Series B preferreds, which are set to float next year in June, for what could be a double-digit yield. Read the full article on Seeking AlphaSeeking Alpha • May 25
PennyMac Mortgage Investment Trust: Recovery Is On The Way
Summary The book value per share showed a marginal increase to $15.96, which is a slight improvement from last quarter’s $15.78 but still lower than the third quarter results of 2022. The management expects mortgage origination volumes to be significantly higher in the remaining quarters of 2023 compared to the first quarter. PMT has been trading well below its book value at only 0.7x its book value, which is one of the lowest in years. Read the full article on Seeking AlphaShareholder Returns
| PMT | US Mortgage REITs | US Market | |
|---|---|---|---|
| 7D | -2.7% | -1.8% | -2.8% |
| 1Y | -18.1% | -1.7% | 22.8% |
Return vs Industry: PMT underperformed the US Mortgage REITs industry which returned -1.8% over the past year.
Return vs Market: PMT underperformed the US Market which returned 23.5% over the past year.
Price Volatility
| PMT volatility | |
|---|---|
| PMT Average Weekly Movement | 4.1% |
| Mortgage REITs Industry Average Movement | 3.8% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.6% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: PMT has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: PMT's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2009 | 7 | David Spector | pmt.pennymac.com |
PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in residential mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production segments. The Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements and subordinate and credit-linked mortgage-backed securities (MBS).
PennyMac Mortgage Investment Trust Fundamentals Summary
| PMT fundamental statistics | |
|---|---|
| Market cap | US$887.72m |
| Earnings (TTM) | US$100.82m |
| Revenue (TTM) | US$675.55m |
8.8x
P/E Ratio1.3x
P/S RatioIs PMT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PMT income statement (TTM) | |
|---|---|
| Revenue | US$675.55m |
| Cost of Revenue | US$121.30m |
| Gross Profit | US$554.25m |
| Other Expenses | US$453.44m |
| Earnings | US$100.82m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.16 |
| Gross Margin | 82.04% |
| Net Profit Margin | 14.92% |
| Debt/Equity Ratio | 1,090.1% |
How did PMT perform over the long term?
See historical performance and comparisonDividends
15.7%
Current Dividend Yield138%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/07 02:44 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
PennyMac Mortgage Investment Trust is covered by 16 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark DeVries | Barclays |
| Derek Hewett | BofA Global Research |
| Eric Hagen | BTIG |