PennyMac Financial Services, Inc. (NYSE:PFSI) Expected to Earn Q3 2024 Earnings of $2.87 Per Share

PennyMac Financial Services, Inc. (NYSE:PFSI) – Equities research analysts at Wedbush lifted their Q3 2024 earnings per share (EPS) estimates for shares of PennyMac Financial Services in a report issued on Thursday, April 25th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings per share of $2.87 for the quarter, up from their prior forecast of $2.78. Wedbush currently has a “Outperform” rating and a $110.00 target price on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $10.41 per share. Wedbush also issued estimates for PennyMac Financial Services’ FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. The business had revenue of $305.66 million during the quarter, compared to analysts’ expectations of $422.87 million. PennyMac Financial Services had a return on equity of 10.51% and a net margin of 10.94%.

PFSI has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft decreased their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research note on Thursday. StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday. Keefe, Bruyette & Woods raised PennyMac Financial Services from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $100.00 to $105.00 in a report on Tuesday, April 9th. Finally, Barclays lifted their price objective on PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.38.

PennyMac Financial Services Stock Down 6.4 %

Shares of NYSE:PFSI opened at $86.20 on Friday. PennyMac Financial Services has a 12-month low of $56.16 and a 12-month high of $94.78. The stock has a fifty day simple moving average of $87.95 and a two-hundred day simple moving average of $82.89. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 0.61 and a beta of 1.67.

Institutional Investors Weigh In On PennyMac Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its stake in shares of PennyMac Financial Services by 283.2% during the third quarter. SG Americas Securities LLC now owns 10,415 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 7,697 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of PennyMac Financial Services during the third quarter valued at approximately $57,000. Dakota Wealth Management bought a new position in shares of PennyMac Financial Services during the third quarter valued at approximately $1,313,000. Bank of New York Mellon Corp grew its stake in shares of PennyMac Financial Services by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 234,486 shares of the real estate investment trust’s stock valued at $15,617,000 after buying an additional 7,251 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PennyMac Financial Services by 13.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,076 shares of the real estate investment trust’s stock valued at $538,000 after buying an additional 944 shares during the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the sale, the chief executive officer now directly owns 250,604 shares in the company, valued at $22,734,794.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the sale, the chief executive officer now directly owns 250,604 shares in the company, valued at $22,734,794.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Derek Stark sold 5,255 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $89.44, for a total value of $470,007.20. Following the sale, the insider now owns 27,084 shares in the company, valued at $2,422,392.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,802 shares of company stock worth $7,666,108. Corporate insiders own 17.40% of the company’s stock.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Tuesday, May 14th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.93%. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.