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

PennyMac Financial Services, Inc. (NYSE:PFSI) – Investment analysts at Wedbush boosted their Q3 2024 earnings estimates for PennyMac Financial Services in a research note issued on Thursday, April 25th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings per share of $2.87 for the quarter, up from their prior estimate of $2.78. Wedbush has a “Outperform” rating and a $110.00 price target on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $10.58 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 posted its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 10.51% and a net margin of 10.94%. The firm had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million.

A number of other equities research analysts have also recently issued reports on PFSI. Barclays upped their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Keefe, Bruyette & Woods decreased their target price on PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.75.

PennyMac Financial Services Price Performance

Shares of PFSI opened at $87.00 on Friday. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 0.56 and a beta of 1.67. 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 company’s fifty day simple moving average is $87.83 and its 200 day simple moving average is $83.15. PennyMac Financial Services has a 1-year low of $56.16 and a 1-year high of $94.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its stake in shares of PennyMac Financial Services by 128.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 205 shares during the last quarter. Caxton Associates LP grew its position in PennyMac Financial Services by 3.6% during the 3rd quarter. Caxton Associates LP now owns 5,874 shares of the real estate investment trust’s stock worth $391,000 after acquiring an additional 206 shares during the last quarter. MorganRosel Wealth Management LLC increased its holdings in PennyMac Financial Services by 2.2% in the 1st quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock worth $985,000 after purchasing an additional 236 shares in the last quarter. USA Financial Formulas bought a new position in PennyMac Financial Services in the fourth quarter valued at about $25,000. Finally, Teacher Retirement System of Texas raised its position in PennyMac Financial Services by 4.1% in the third quarter. Teacher Retirement System of Texas now owns 9,774 shares of the real estate investment trust’s stock valued at $651,000 after purchasing an additional 385 shares during the last quarter. Institutional investors own 57.87% of the company’s stock.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total value of $907,200.00. Following the transaction, the chief executive officer now directly owns 250,604 shares of the company’s stock, valued at approximately $22,734,794.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Daniel Stanley Perotti sold 11,400 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the completion of the transaction, the chief financial officer now owns 257,897 shares of the company’s stock, valued at approximately $22,823,884.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the sale, the chief executive officer now directly owns 250,604 shares in the company, valued at $22,734,794.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,802 shares of company stock valued at $7,666,108. 17.40% of the stock is owned by corporate insiders.

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.20 per share. 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 0.92%. PennyMac Financial Services’s payout ratio is 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.