Overview

* PennyMac Q3 net income rises to $47.8 mln, EPS $0.55

* Book value per share increased to $15.16 from $15.00 in prior quarter

* Company sold $195 mln of GSE-issued CRT investments, realizing significant gains

Outlook

* Company anticipates earnings per share to exceed current dividend level over next year

* Company expects to deliver attractive risk-adjusted returns to shareholders

Result Drivers

* LOAN ACQUISITIONS - Co acquired $4.6 bln in loans, up 13% from prior qtr, driving investment activity

* CRT SALES - Co sold $195 mln of GSE-issued CRT investments, realizing significant gains

* SECURITIZATIONS - Completed four non-Agency securitizations totaling $1.5 bln in UPB, retaining $140 mln of newly created securities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.55

Q3 Net $47.80

Income mln

Q3 $0.40

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for PennyMac Mortgage Investment Trust ( PMT ) is $13.00, about 9% above its October 20 closing price of $11.83

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)