Wedbush Equities Analysts Boost Earnings Estimates for PennyMac Financial Services, Inc. (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Equities researchers at Wedbush increased their Q2 2024 earnings estimates for shares of PennyMac Financial Services in a research report issued on Thursday, April 25th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings of $2.74 per share for the quarter, up from their previous estimate of $2.51. Wedbush currently 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’ Q4 2024 earnings at $2.75 EPS.

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday. 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 report on Friday. Deutsche Bank Aktiengesellschaft cut their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Barclays boosted their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.75.

PennyMac Financial Services Stock Up 0.9 %

PFSI stock opened at $87.00 on Monday. 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 has a 1 year low of $56.16 and a 1 year high of $94.78. The company has a fifty day simple moving average of $87.83 and a 200 day simple moving average of $83.25. The firm has a market cap of $4.39 billion, a PE ratio of 30.21, a PEG ratio of 0.56 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data 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. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. The business had revenue of $305.66 million during the quarter, compared to analyst estimates of $422.87 million.

Institutional Trading of PennyMac Financial Services

Several large investors have recently added to or reduced their stakes in PFSI. SG Americas Securities LLC grew its stake in 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 worth $694,000 after buying an additional 7,697 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in PennyMac Financial Services during the third quarter worth about $57,000. Dakota Wealth Management bought a new stake in PennyMac Financial Services during the third quarter worth about $1,313,000. Bank of New York Mellon Corp grew its stake in PennyMac Financial Services by 3.2% during the third 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 buying an additional 7,251 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PennyMac Financial Services by 13.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,076 shares of the real estate investment trust’s stock worth $538,000 after buying an additional 944 shares during the last quarter. 57.87% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO David Spector sold 15,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 270,604 shares of the company’s stock, valued at $23,591,256.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO David Spector sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $87.18, for a total value of $1,307,700.00. Following the sale, the chief executive officer now owns 270,604 shares of the company’s stock, valued at $23,591,256.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Derek Stark sold 5,255 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $89.44, for a total transaction of $470,007.20. Following the completion of the sale, the insider now directly owns 27,084 shares in the company, valued at approximately $2,422,392.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,802 shares of company stock valued at $7,666,108. Insiders own 17.40% of the company’s stock.

PennyMac Financial Services Announces Dividend

The business also recently disclosed 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, May 13th. PennyMac Financial Services’s dividend payout ratio is currently 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.