PennyMac Financial Services, Inc. (NYSE:PFSI) Expected to Earn 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 $10.41 per share. Wedbush also issued estimates for PennyMac Financial Services’ FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

A number of other research analysts also recently issued reports on the stock. Barclays boosted their price objective on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft cut their target price on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods raised PennyMac Financial Services from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $100.00 to $105.00 in a report on Tuesday, April 9th. Finally, StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday. One 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.38.

PennyMac Financial Services Price Performance

PFSI stock opened at $86.20 on Friday. The firm has a market capitalization of $4.35 billion, a P/E ratio of 29.93, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67. PennyMac Financial Services has a 12 month low of $56.16 and a 12 month high of $94.78. The firm has a 50 day moving average of $87.95 and a 200-day 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.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PFSI. SG Americas Securities LLC lifted 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 period. Exchange Traded Concepts LLC bought a new stake in PennyMac Financial Services in the 3rd quarter valued at about $57,000. Dakota Wealth Management acquired a new position in PennyMac Financial Services during the 3rd quarter valued at about $1,313,000. Bank of New York Mellon Corp grew its stake in shares of PennyMac Financial Services by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 234,486 shares of the real estate investment trust’s stock worth $15,617,000 after purchasing an additional 7,251 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PennyMac Financial Services by 13.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,076 shares of the real estate investment trust’s stock worth $538,000 after acquiring an additional 944 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PennyMac Financial Services

In related news, CEO David Spector sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $87.18, for a total value of $1,307,700.00. Following the transaction, the chief executive officer now directly owns 270,604 shares of the company’s stock, valued at approximately $23,591,256.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other PennyMac Financial Services news, insider Derek Stark sold 5,255 shares of the firm’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 transaction, the insider now directly owns 27,084 shares of the company’s stock, valued at approximately $2,422,392.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Spector sold 15,000 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $87.18, for a total transaction of $1,307,700.00. Following the completion of the sale, the chief executive officer now owns 270,604 shares of the company’s stock, valued at approximately $23,591,256.72. The disclosure for this sale can be found here. Insiders have sold 87,802 shares of company stock valued at $7,666,108 over the last three months. 17.40% of the stock is owned by insiders.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders 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 annualized dividend and a yield of 0.93%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 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.