PennyMac Financial Services, Inc. to Post Q1 2024 Earnings of $2.14 Per Share, Wedbush Forecasts (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSIFree Report) – Investment analysts at Wedbush raised their Q1 2024 earnings estimates for shares of PennyMac Financial Services in a report released on Monday, February 5th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will earn $2.14 per share for the quarter, up from their prior forecast of $2.09. Wedbush has a “Outperform” rating and a $105.00 price target on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $10.18 per share. Wedbush also issued estimates for PennyMac Financial Services’ Q2 2024 earnings at $2.51 EPS, Q3 2024 earnings at $2.78 EPS, Q4 2024 earnings at $2.82 EPS, FY2024 earnings at $10.25 EPS and FY2025 earnings at $12.00 EPS.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of PennyMac Financial Services in a report on Wednesday, January 10th. They issued a “buy” rating and a $115.00 price objective for the company. TheStreet lowered shares of PennyMac Financial Services from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. StockNews.com upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Barclays initiated coverage on shares of PennyMac Financial Services in a report on Wednesday, November 15th. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, Piper Sandler increased their price target on shares of PennyMac Financial Services from $90.00 to $93.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, PennyMac Financial Services presently has an average rating of “Moderate Buy” and an average price target of $92.25.

Read Our Latest Stock Report on PennyMac Financial Services

PennyMac Financial Services Stock Up 1.1 %

Shares of NYSE PFSI opened at $90.32 on Wednesday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 1.87. PennyMac Financial Services has a 12 month low of $54.00 and a 12 month high of $94.78. The firm has a market capitalization of $4.51 billion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 0.60 and a beta of 1.70. The firm has a fifty day simple moving average of $86.52 and a two-hundred day simple moving average of $76.38.

PennyMac Financial Services (NYSE:PFSIGet Free Report) last posted its quarterly earnings results on Thursday, February 1st. The real estate investment trust reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.75. PennyMac Financial Services had a net margin of 10.32% and a return on equity of 7.71%. The company had revenue of $361.94 million during the quarter, compared to analyst estimates of $413.35 million.

Institutional Trading of PennyMac Financial Services

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of PennyMac Financial Services by 3.5% in the 2nd quarter. Royal Bank of Canada now owns 5,660 shares of the real estate investment trust’s stock worth $397,000 after purchasing an additional 190 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of PennyMac Financial Services by 59.9% in the first quarter. Tower Research Capital LLC TRC now owns 542 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 203 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of PennyMac Financial Services by 128.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 205 shares in the last quarter. Caxton Associates LP grew its holdings in shares of PennyMac Financial Services by 3.6% in the third quarter. Caxton Associates LP now owns 5,874 shares of the real estate investment trust’s stock valued at $391,000 after purchasing an additional 206 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in PennyMac Financial Services by 1.4% during the first quarter. Ensign Peak Advisors Inc now owns 18,350 shares of the real estate investment trust’s stock worth $1,094,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 59.12% of the company’s stock.

Insider Activity at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 3,077 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $79.26, for a total transaction of $243,883.02. Following the sale, the chief accounting officer now directly owns 47,182 shares of the company’s stock, valued at approximately $3,739,645.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Daniel Stanley Perotti sold 7,600 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $76.16, for a total transaction of $578,816.00. Following the sale, the chief financial officer now owns 273,097 shares of the company’s stock, valued at approximately $20,799,067.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Gregory L. Hendry sold 3,077 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $79.26, for a total transaction of $243,883.02. Following the sale, the chief accounting officer now directly owns 47,182 shares in the company, valued at approximately $3,739,645.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 236,301 shares of company stock valued at $19,174,965. 17.40% of the stock is owned by insiders.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Tuesday, February 13th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Monday, February 12th. PennyMac Financial Services’s dividend payout ratio (DPR) is 29.52%.

PennyMac Financial Services Company Profile

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

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