housing sectoreratic stats lately is not helping the stock either.
Announced buyback maybe helping the stock price today & going forward, however the usual drop after the record date for the divy counters that. Also paying a divy is a long term commitment that assumes a continual increase in profits to pay for it & if housing is too variable, PMT is hedging their bets & maybe buying back shares which is a option & not a obligatory commitment
The housing sector getting better on an incremental basis is the key, but even though interest rates not going up any time soon, wages are not going up at the same time (albeit with the auto labor contract deal some may say points to wage inflation) counters that.
carlos