PennyMac Mortgage Investment Trust Buyback
OLI recorded this information on 2/24/2016
PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust (NYSE:PMT) today announced that its Board of Trustees has authorized an increase in its previously announced share repurchase program to $200 million. Under the program, the Company may repurchase its outstanding common shares of beneficial interest. To date this year, the Company has repurchased 2.7 million common shares at a cost of $30.9 million. Including amounts repurchased last year, the Company has repurchased a total of 3.7 million common shares under the program at a cost of $46.9 million.
PennyMac Mortgage Investment Trust is a holding company. Through its subsidiaries, Co. is a finance company that invests primarily in mortgage-related assets. Co. also conducts substantially all of its operations, and makes substantially all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Co.'s business includes four segments: credit sensitive strategies,which represents Co.'s investments in credit risk transfer arrangements; interest rate sensitive strategies, which represents Co.'s investments in mortgage servicing rights; and correspondent production, which serves as an intermediary between lenders and the capital markets.
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Buy (2.62 out of 4)