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PMT 
PennyMac Mortgage Investment Trust (PMT)
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Upturn Advisory Summary
12/31/2025: PMT (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
9 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $13.57
1 Year Target Price $13.57
| 0 | Strong Buy |
| 2 | Buy |
| 7 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -21.87% | Avg. Invested days 31 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/31/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.09B USD | Price to earnings Ratio 13.64 | 1Y Target Price 13.57 |
Price to earnings Ratio 13.64 | 1Y Target Price 13.57 | ||
Volume (30-day avg) 9 | Beta 1.26 | 52 Weeks Range 10.36 - 13.14 | Updated Date 01/1/2026 |
52 Weeks Range 10.36 - 13.14 | Updated Date 01/1/2026 | ||
Dividends yield (FY) 12.73% | Basic EPS (TTM) 0.92 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 21.61% | Operating Margin (TTM) 21.8% |
Management Effectiveness
Return on Assets (TTM) 0.77% | Return on Equity (TTM) 6.4% |
Valuation
Trailing PE 13.64 | Forward PE 7.59 | Enterprise Value 17633239040 | Price to Sales(TTM) 1.93 |
Enterprise Value 17633239040 | Price to Sales(TTM) 1.93 | ||
Enterprise Value to Revenue 59.61 | Enterprise Value to EBITDA - | Shares Outstanding 87016604 | Shares Floating 72092386 |
Shares Outstanding 87016604 | Shares Floating 72092386 | ||
Percent Insiders 0.98 | Percent Institutions 70.6 |
Upturn AI SWOT
PennyMac Mortgage Investment Trust
Company Overview
History and Background
PennyMac Mortgage Investment Trust (PMT) was established in 2009 as a mortgage REIT focused on acquiring and managing a diversified portfolio of mortgage-related assets. It operates through its relationships with PennyMac Financial Services, Inc. (PFSI), a leading national mortgage lender and servicer. Key milestones include its IPO in 2013 and continuous expansion of its investment portfolio and servicing capabilities.
Core Business Areas
- Credit Investments: PMT invests in a variety of credit assets, including agency and non-agency mortgage-backed securities (MBS), distressed loans, and other credit-sensitive instruments. This segment aims to generate income through interest, principal payments, and capital appreciation.
- Mortgage Servicing Rights (MSRs): PMT acquires and manages MSRs, which represent the right to service mortgage loans in exchange for a fee. This segment generates stable, recurring revenue streams.
- Servicing Operations: Through its relationship with PFSI, PMT benefits from extensive loan servicing capabilities, which supports its MSR strategy and provides operational expertise.
Leadership and Structure
PennyMac Mortgage Investment Trust is externally managed by PNMAC Capital Management, LLC, a subsidiary of PennyMac Financial Services, Inc. (PFSI). The REIT's operations are overseen by a Board of Trustees, with day-to-day management handled by PFSI's executive team. Key leadership positions include the Chief Executive Officer and Chief Financial Officer of PFSI.
Top Products and Market Share
Key Offerings
- Mortgage-Backed Securities (MBS): PMT invests in both Agency MBS (issued or guaranteed by Ginnie Mae, Fannie Mae, or Freddie Mac) and Non-Agency MBS (issued by private entities). These securities provide interest income and are a primary asset class for the REIT. Competitors include other mortgage REITs and institutional investors. Market share data for specific MBS holdings is not publicly disclosed by PMT in a way that allows for direct comparison.
- Mortgage Servicing Rights (MSRs): PMT holds a significant portfolio of MSRs, which are a key revenue driver. The MSR market is competitive, with other large servicers and REITs actively participating. Market share is not easily quantifiable for this specific asset class for PMT alone, but PFSI is a top-tier servicer.
Market Dynamics
Industry Overview
The mortgage REIT industry is heavily influenced by interest rate movements, housing market conditions, and regulatory changes. The sector can be volatile, with REITs seeking to generate income from interest rate spreads and asset appreciation. The primary industry is residential mortgage finance and investment.
Positioning
PMT is positioned as a diversified mortgage REIT with a strong focus on both credit investments and MSRs. Its relationship with PFSI provides a significant advantage in terms of servicing capabilities and operational efficiency, allowing it to originate and service loans effectively while investing in related assets. Its diversified approach aims to mitigate some of the interest rate sensitivity inherent in the REIT model.
Total Addressable Market (TAM)
The TAM for mortgage finance and investment is substantial, encompassing trillions of dollars in outstanding mortgage debt and related securities. PMT's position within this TAM is that of a specialized investor and manager within the mortgage ecosystem. While PMT does not capture a direct 'market share' of the entire TAM, its strategic focus on MBS and MSRs allows it to participate in specific segments of this vast market.
Upturn SWOT Analysis
Strengths
- Strong operational support and origination/servicing capabilities through its relationship with PennyMac Financial Services, Inc. (PFSI).
- Diversified portfolio of credit investments and Mortgage Servicing Rights (MSRs), providing multiple income streams.
- Experienced management team with deep knowledge of the mortgage market.
- Ability to leverage PFSI's scale for efficient loan origination and servicing.
Weaknesses
- Sensitivity to interest rate fluctuations, which can impact the value of MBS and the economics of MSRs.
- Reliance on external management, which can create potential alignment of interest issues or lack of full operational control.
- Potential for credit losses on non-agency assets.
- Dependence on the health of the broader housing market and mortgage origination volumes.
Opportunities
- Acquisition of attractive MBS and MSRs in volatile markets.
- Expansion into new credit-related investment strategies.
- Leveraging technology and data analytics for improved servicing and investment strategies.
- Potential for growth through strategic partnerships and alliances.
Threats
- Rising interest rates, which can devalue existing MBS and increase borrowing costs.
- Economic downturns leading to increased mortgage defaults and prepayments.
- Changes in regulatory environment for mortgage lending and servicing.
- Intense competition from other mortgage REITs and financial institutions.
Competitors and Market Share
Key Competitors
- Annaly Capital Management (NLY)
- AGNC Investment Corp. (AGNC)
- Chimera Investment Corporation (CIM)
- New Residential Investment Corp. (NRZ)
- Apollo Commercial Real Estate Finance (ARI)
Competitive Landscape
PMT competes in a highly competitive mortgage REIT landscape. Its advantages lie in its integrated servicing platform through PFSI, which provides operational efficiencies and a stable revenue stream from MSRs. However, it faces intense competition from larger, well-established REITs with significant capital bases and diversified investment strategies. Its ability to generate consistent net interest margins and manage asset valuations effectively is critical to its competitive standing.
Growth Trajectory and Initiatives
Historical Growth: Historically, PMT has aimed for growth through strategic acquisitions of mortgage-related assets, expansion of its servicing portfolio, and managing its investment portfolio to capture favorable interest rate spreads. Growth has been tied to market opportunities and the company's capital allocation strategies.
Future Projections: Future growth projections for PMT depend on factors such as anticipated interest rate movements, housing market stability, and the company's ability to execute its investment and servicing strategies. Analyst estimates for EPS and dividend growth are often subject to change based on evolving market conditions.
Recent Initiatives: Recent initiatives likely involve optimizing its portfolio mix, enhancing operational efficiencies through its relationship with PFSI, and potentially exploring new investment opportunities within the mortgage finance sector. Strategic acquisitions or divestitures of asset classes may also be part of their ongoing strategy.
Summary
PennyMac Mortgage Investment Trust is a diversified mortgage REIT with strong operational backing from its affiliate PFSI. Its core strengths lie in its integrated servicing capabilities and a diversified portfolio of credit investments and MSRs. However, it remains susceptible to interest rate volatility and broader housing market fluctuations. Continuous prudent management of its asset portfolio and capitalizing on market opportunities will be key to its sustained success, while navigating competitive pressures and regulatory changes remains a crucial factor.
Similar Stocks
Sources and Disclaimers
Data Sources:
- SEC Filings (10-K, 10-Q)
- Company Investor Relations
- Financial News Outlets
- Industry Analysis Reports
Disclaimers:
This information is for informational purposes only and does not constitute financial advice. All data is subject to change and should be independently verified. Market share data and competitor analysis are estimates based on available public information and may not reflect precise market positions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About PennyMac Mortgage Investment Trust
Exchange NYSE | Headquaters Westlake Village, CA, United States | ||
IPO Launch date 2009-07-30 | Chairman of the Board & CEO Mr. David A. Spector | ||
Sector Real Estate | Industry REIT - Mortgage | Full time employees 7 | Website https://pmt.pennymac.com |
Full time employees 7 | Website https://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, Correspondent Production segments. The Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements and subordinate mortgage-backed securities (MBS). The Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, base servicing and excess servicing spreads, and agency and senior non-agency MBS, as well as related interest rate hedging activities. The Correspondent Production segment is involved in purchasing, pooling, and reselling newly originated prime credit quality loans directly or in the form of MBS. The company primarily sells its loans to government-sponsored entities. 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 shareholders. The company was incorporated in 2009 and is headquartered in Westlake Village, California.
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