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PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust

PMT
$9.17USD↑+0.00%+0.00 today

MARKET CAP

799.6M

P/E (TTM)

9.3x

FWD P/E

—

DAY RANGE

$9 – $9

52W RANGE

$9
$14

AI Summary

Stalk
Buy NowMedium

PMT is showing early Stage 1 consolidation with structural repair following a terminal decline, anchored by a long-term uptrend. The active Bullish Pivot Point pattern and rising EMAs support a medium-term bullish bias, and a pullback into the 9/21 EMA zone provides a favorable entry point. Overbought indicators are absent, but failure to hold EMA support would invalidate the setup.

  • ↑Dividend yield ~3.96% with $0.40 quarterly payout funded by taxable income.
  • ↑Completed six securitizations totaling $2.2 B UPB in Q2; targeting ~30 deals in 2026.
  • ↓Debt-to-equity ratio climbed to ~10:1, heightening refinancing and interest-rate risk.
Full analysis →

The case for & against

Bull & Bear analysis

Bearish

PennyMac Mortgage Investment Trust (NYSE: PMT) is a leading player in the mortgage finance sector, primarily focused on investing in mortgage-related assets and securities. The company strategically leverages its strong relationship with PennyMac Financial Services, Inc. (PFSI) to optimize investment strategies and create high-quality assets, particularly through private label securitizations. PMT aims to generate attractive risk-adjusted returns while consistently returning value to shareholders via dividends.

Bull says

  • ↑Dividend yield ~3.96% with $0.40 quarterly payout funded by taxable income.
  • ↑Completed six securitizations totaling $2.2 B UPB in Q2; targeting ~30 deals in 2026.
  • ↑Shift toward credit-sensitive, non-QM assets drives higher yield potential.
  • ↑Strong earnings yield and positive growth score underpin book value gains.
  • ↑Strategic tie-up with PennyMac Financial optimizes capital allocation.
  • ↑Book value per share at $14.83 after modest QoQ change.

Bear says

  • ↓Debt-to-equity ratio climbed to ~10:1, heightening refinancing and interest-rate risk.
  • ↓Analysts cut earnings forecasts; net income $20 M in Q2 below dividend run rate.
  • ↓Low institutional ownership signals skepticism on long-term viability.
  • ↓Servicing fee volatility has kept earnings excluding market changes under dividends.
  • ↓Competition from Rocket Mortgage and UWM pressures non-agency MBS margins.
  • ↓Rising rates and regulatory shifts may erode asset valuations.

Investment themes with PMT

Mortgage REITs↓ -0.79%

NLY · AGNC · STWD

Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 08-17-2026neutral

Transcript signals

Bull points

  • expect to see good activity before the end of the year on that front
  • Total acquisition and origination volumes were $38 billion in unpaid principal balance, up 31% from the prior quarter
  • PennyMac maintained its dominant position in correspondent lending in the second quarter, with total acquisitions of $30 billion, up 30% from the prior quarter

Bear points

  • 3.4 times is consistent with the prior quarter
  • they did creep up during the quarter, although that's really consistent with what we see on a seasonal basis
  • the delinquencies of our recently originated vintages are lower than the overall industry
Read full transcript analysis ›