Brokers Offer Predictions for PennyMac Financial Services, Inc.’s Q2 2024 Earnings (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Stock analysts at Wedbush increased their Q2 2024 EPS estimates for PennyMac Financial Services in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will earn $2.74 per share for the quarter, up from their previous forecast of $2.51. 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 $10.58 per share. Wedbush also issued estimates for PennyMac Financial Services’ Q4 2024 earnings at $2.75 EPS.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 EPS for the quarter, topping the consensus estimate 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 net margin of 10.94% and a return on equity of 10.51%.

A number of other analysts have also recently commented on the stock. Barclays increased their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods cut their target price on shares of PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Moderate Buy” and an average target price of $97.75.

PennyMac Financial Services Stock Performance

Shares of NYSE PFSI opened at $85.67 on Monday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a 50 day moving average price of $87.81 and a 200 day moving average price of $83.40. The stock has a market capitalization of $4.32 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 0.56 and a beta of 1.67. PennyMac Financial Services has a 52 week low of $56.16 and a 52 week high of $94.78.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Tuesday, May 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Monday, May 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 27.78%.

Insider Buying and Selling

In other news, insider James Follette sold 2,617 shares of PennyMac Financial Services stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $86.24, for a total value of $225,690.08. Following the transaction, the insider now owns 7,257 shares in the company, valued at approximately $625,843.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Daniel Stanley Perotti sold 11,400 shares of PennyMac Financial Services stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the sale, the chief financial officer now directly owns 257,897 shares in the company, valued at approximately $22,823,884.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James Follette sold 2,617 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the completion of the sale, the insider now owns 7,257 shares of the company’s stock, valued at $625,843.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,802 shares of company stock worth $7,666,108. Corporate insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

A number of large investors have recently bought and sold shares of the business. USA Financial Formulas acquired a new position in shares of PennyMac Financial Services during the 4th quarter valued at $25,000. Hexagon Capital Partners LLC raised its holdings in shares of PennyMac Financial Services by 128.9% during 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 during the period. Parkside Financial Bank & Trust bought a new position in shares of PennyMac Financial Services during the 4th quarter worth about $36,000. Exchange Traded Concepts LLC acquired a new stake in shares of PennyMac Financial Services in the 3rd quarter valued at about $57,000. Finally, TFO Wealth Partners LLC increased its position in PennyMac Financial Services by 16,300.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 1,141 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

About PennyMac Financial Services

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.