# PennyMac Mortgage Investment Trust (PMT)

> Source: Nexqual · https://nexqual.com/PMT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PennyMac Mortgage Investment Trust (PMT), nexqual.com/PMT" · informational, not investment advice.

**Price:** USD 7.01 (+2.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.84 · day 6.82–7.16 · 52w 6.7–13.81 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $348M, net income $166M (47.8% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $65K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (9 analysts), mean target USD 10.61 (range 9–12.5).
- Total return with dividends: 1Y -34.8% vs S&P 500 +14.9%; 5Y -33.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.3, revenue estimate $93.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $420M | $304M | $429M | $334M | $307M | $348M |
| Net income | $56.9M | -$73.3M | $200M | $161M | $128M | $166M |
| EPS (diluted) | $0.26 | -$1.26 | $1.63 | $1.37 | $0.99 | — |
| Net margin | 13.5% | -24.1% | 46.5% | 48.2% | 41.6% | 47.8% |
| Revenue growth | -10.5% | -27.7% | +41.2% | -22.1% | -8.0% | — |
| Cash + short-term investments | $227M | $364M | $409M | $441M | $462M | — |
| Total debt | $4.49B | $5.07B | $5.15B | $1.01B | $1.09B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 8.5x, Dec 2024 6.8x, Dec 2023 8.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Hendry Gregory L | Chief Accounting Officer | 2,444 | $19K | 33.3% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Hendry Gregory L | Chief Accounting Officer | 2,444 | $23K | 25% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Hendry Gregory L | Chief Accounting Officer | 2,444 | $23K | 20% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 9 analysts; mean target USD 10.61 (low 9, high 12.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Citizens | Target lowered | Market Outperform | $15 → $12.5 |
| 2026-10-09 | Piper Sandler | Target lowered | Neutral | $10 → $9 |
| 2026-08-21 | UBS | Target lowered | Neutral | $11.25 → $10 |
| 2026-08-17 | Deutsche Bank | Upgrade | Hold → Buy | $12 |
| 2026-07-31 | Wells Fargo | Target lowered | Equal-Weight | $12 → $10 |
| 2026-07-30 | Piper Sandler | Target lowered | Neutral | $11.5 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -34.8% | -33.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.9% | -7.9% |
| Volatility (annualized) | 29.0% | 30.8% |
| Max drawdown | -44.6% (Jan 2026→Oct 2026) | -43.2% (Jan 2026→Oct 2026) |

## Peers (REIT - Mortgage)
NLY (Annaly Capital Management Inc.) USD 18.34 +1.83% · AGNC (AGNC Investment Corp.) USD 8.89 +1.25% · RITM (Rithm Capital Corp.) USD 8.68 +1.52% · STWD (STARWOOD PROPERTY TRUST, INC. S) USD 12.58 +3.71% · DX (Dynex Capital, Inc.) USD 11.05 -0.00% · ARR (ARMOUR Residential REIT, Inc.) USD 12.69 -0.94%

## More
Full page: https://nexqual.com/PMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PMT's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1464423/000119312526057041/pmt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PennyMac Financial Services, Inc. (PFSI) | "PFSI has a corporate philanthropy program that is governed by a philosophy of giving that prioritizes the support of causes and issues of importance in our local communities, and drives a culture of employee engagement a…" |
| Partner | PennyMac Loan Services | "We also have a loan servicing agreement with PLS, pursuant to which PLS provides primary and special servicing for our portfolio of residential loans and MSRs." |
| Related party | Pennymac Capital Management | "Although our board of trustees relies on information provided to it by PCM for its investment review, it does not review or approve each proposed investment by PCM unless it falls outside our investment policies or const…" |

## Company outlook (8-K filed 2026-07-29)

- "Net loan servicing fees included contractually specified servicing fees and other fees of $149 million, down slightly from the prior quarter, reduced by $100 million in realization of MSR cash flows, which was also down slightly from the prior quarter due to lower expectations for prepayments in the future due to higher interest rates."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.33 | -8.6% | $93.9M | 6 |
| Next quarter (ends 2026-12-31) | $0.31 | $0.36 | -14.0% | $93.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.05 | $1.18 | -10.7% | $346.3M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.38 | $1.49 | -7.5% | $387.4M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-29): ±20.3%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 47.7% | ±20.3% |
| 2027-01-15 | 84 | 42.4% | ±19.6% |
| 2027-04-16 | 175 | 33.0% | ±22.1% |