Wedbush Weighs in on PennyMac Financial Services, Inc.’s Q3 2024 Earnings (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Equities researchers 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 expects that the real estate investment trust will earn $2.87 per share for the quarter, up from their prior forecast of $2.78. Wedbush currently has a “Outperform” rating and a $110.00 price objective 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 posted its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.14. The business had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million. PennyMac Financial Services had a return on equity of 10.51% and a net margin of 10.94%.

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

PennyMac Financial Services Trading Up 0.9 %

NYSE:PFSI opened at $87.01 on Friday. PennyMac Financial Services has a 1 year low of $56.16 and a 1 year high of $94.78. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 0.61 and a beta of 1.67. The business has a fifty day moving average of $87.83 and a 200-day moving average of $83.05. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.37 and a current ratio of 0.37.

PennyMac Financial Services Announces Dividend

The company 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 $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 0.92%. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

Insiders Place Their Bets

In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. In other PennyMac Financial Services 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 completion of 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. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction on 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 transaction, the chief executive officer now owns 250,604 shares of the company’s stock, valued at approximately $22,734,794.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,802 shares of company stock worth $7,666,108. 17.40% of the stock is currently owned by company insiders.

Institutional Trading of PennyMac Financial Services

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in PennyMac Financial Services by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,691,512 shares of the real estate investment trust’s stock worth $237,851,000 after acquiring an additional 70,178 shares during the period. Vanguard Group Inc. grew its holdings in PennyMac Financial Services by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,610,041 shares of the real estate investment trust’s stock worth $230,649,000 after acquiring an additional 19,748 shares during the period. Invesco Ltd. grew its holdings in PennyMac Financial Services by 47.6% during the 3rd quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock worth $32,654,000 after acquiring an additional 158,181 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of PennyMac Financial Services by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust’s stock valued at $35,060,000 after buying an additional 3,947 shares during the period. Finally, Norges Bank bought a new stake in shares of PennyMac Financial Services in the 4th quarter worth approximately $31,258,000. 57.87% of the stock is currently owned by institutional investors.

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.