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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.
PennyMac Mortgage Investment Trust uses an unusual strategy. As long as the economy remains strong, PennyMac's dividend looks safe.
PennyMac Mortgage (PMT) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to loss of $0.32 per share a year ago.
PennyMac C Series Preferred Yielding Over 9.7%.
Mortgage servicing rights increase in value as interest rates rise. This will reverse if rates start falling this year.
PMT reported a net loss of $5.8 million which is a substantial improvement compared to a net loss of $27.3 million in 4Q21. I believe PMT can distribute a cash dividend of $0.47 per share in each of the four quarters of 2023, which means an annual projected dividend of $1.88, representing a yield of 14.62%.
Mortgage servicing has been the engine driving profits lately, but the servicing book is fully valued.
PennyMac Mortgage (PMT) delivered earnings and revenue surprises of -117.95% and 51.48%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
PennyMac Mortgage Investment Trust (NYSE:PMT ) Q4 2022 Earnings Conference Call February 2, 2023 5:30 PM ET Company Participants Isaac Garden - Investor Relations David Spector - Chairman & Chief Executive Officer Vandy Fartaj - Senior Managing Director & Chief Investment Officer Dan Perotti - Senior Managing Director & Chief Financial Officer Conference Call Participants Isaac Garden Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Mortgage Investment Trust. The slides that accompany this discussion are available on PennyMac Mortgage Investment Trust's website at pmt.pennymac.com.
Mortgage servicing has driven results, but will they continue?