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PennyMac Mortgage Investment Trust of Beneficial Interest Up 8.91% To $13.75 After Earnings Miss

Friday, October 28, 2022 10:26 AM | InvestorsObserver Analysts

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PennyMac Mortgage Investment Trust of Beneficial Interest Up 8.91% To $13.75 After Earnings Miss

Friday, October 28, 2022 - PennyMac Mortgage Investment Trust of Beneficial Interest (PMT) reported downside earnings and upside revenues.

The consensus among analysts for PennyMac Mortgage Investment Trust of Beneficial Interest was for an earnings per share (EPS) of $0.25. The firm failed to meet those projections, reporting an EPS of $0.01, a negative surprise of $0.24 (-96%). Profits rose 102% year-over-year after reporting an EPS loss of $0.45 per share in its year-ago quarter. The positive growth rate signals that the Real Estate company is performing well amid recent economic conditions.

Revenues were upbeat at $151.1 million. That is an increase of 215.68% in revenues from the year-ago report and is 28.84% higher than consensus estimates set at $117.3 million.

The stock is up 8.91% to $13.75 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

PennyMac Mortgage Investment Trust of Beneficial Interest has performed a little below average during the past few months. Before the report, PennyMac Mortgage Investment Trust of Beneficial Interest received a Long-Term Technical Rank by InvestorsObserver of 39, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $10.78 on October 13, 2022 and set a 52-week high on November 1, 2021 at $20.49.

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.

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