The U.S. residential mortgage lender Impac Mortgage Holdings Inc. (IMH) continued the rally for the last five sessions gaining 20.29% while jumping from $2.76 on January 20 to $3.32 on January 27. Yesterday’s gain alone was nearly 12% and the stock is also rising in today’s session.
Impac Mortgage is a provider in the United States of advanced lending practices and property investment initiatives that deal with the challenges of the financial world these days. The functions of Impac include mortgage loans, management, reduction of potential to cause loss, and property management, as well as the maintenance of the long-term collateralized mortgage portfolio, including remaining securitized interests.
IMH stock has been showing a bullish momentum with company set to announce its next earnings for the final quarter of 2020 in 2 weeks.
The company posted net earnings for the third quarter of 2020 of $1.6 million, or $0.08 per diluted common share, in comparison to net income of $1.4 million, or $0.07 per diluted common share in the same quarter a year ago.
Core earnings of $4.4 million for the third quarter of 2020, or $0.21 per diluted common share, came below that of $7.9 million or $0.37 per diluted common share in the corresponding quarter year earlier.
The results of Q3 2020 were not spectacular because the consequences of the pandemic, which inevitably led to a temporary cessation of its lending operations during the second quarter, weighed heavily on them. At the time company said that it conducted a range of measures during the second quarter to significantly minimize debt and boost profitability. But the company remained unsuccessful to revive lending operations until June 2020, resulting in a tough commitment. As a result of the exceptionally low-interest rate climate, not only for the company as we re-engage in lending but even around the industry, competitiveness has continued to be a limiting factor.
Impac Mortgage Holdings Inc. (IMH) was rallying at $3.43 as of 10:44 a.m. EST, gaining +3.32% so far today.