Pennymac Mortgage Investment Tru Up 11.85% To $11.99 After Earnings Beat

Pennymac Mortgage Investment Tru (PMT) said after close Thursday that it earned $0.51 per share in quarter three 2023.

On the revenue line, the company reported $163.4 million, beating estimates by $78.1 million.

In the same quarter a year ago, the company earned $0.01 per share on revenue of $151.1 million.

The stock is up 11.85% to $11.99 after the report.

Pennymac Mortgage Investment Tru's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Pennymac Mortgage Investment Tru a Bearish Sentiment Rank from InvestorsObserver.

Pennymac Mortgage Investment Tru has performed a little below average during the past few months. Before the report, Pennymac Mortgage Investment Tru received a Long-Term Technical Rank by InvestorsObserver of 35, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $10.52 on October 25, 2023 and set a 52-week high on November 15, 2022 at $15.78.

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The company's operations include activities such as production and servicing of financial securities based on residential loans and pooling and reselling of high-credit-quality mortgages. The company operates through four segments: correspondent production, credit-sensitive strategies, interest-rate-sensitive strategies, and corporate activities. The correspondent production segment, which generates income via purchasing, pooling, and reselling of loans or mortgage-backed securities accounts for roughly half of the company's income.