PennyMac Financial Services, Inc. to Post Q3 2024 Earnings of $3.00 Per Share, Wedbush Forecasts (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Investment analysts at Wedbush raised their Q3 2024 earnings per share estimates for shares of PennyMac Financial Services in a research note issued to investors on Thursday, October 10th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings of $3.00 per share for the quarter, up from their previous forecast of $2.87. Wedbush currently has a “Outperform” rating and a $120.00 target price on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $11.06 per share. Wedbush also issued estimates for PennyMac Financial Services’ FY2024 earnings at $11.25 EPS, Q2 2025 earnings at $3.09 EPS, Q3 2025 earnings at $3.43 EPS, Q4 2025 earnings at $3.50 EPS and FY2026 earnings at $14.15 EPS.

Several other analysts also recently issued reports on the company. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Piper Sandler upped their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 1st. Barclays lifted their price target on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services has an average rating of “Hold” and a consensus price target of $111.50.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $109.02 on Monday. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. The business’s fifty day moving average price is $106.47 and its two-hundred day moving average price is $97.41. The stock has a market cap of $5.55 billion, a PE ratio of 37.85, a price-to-earnings-growth ratio of 0.66 and a beta of 1.77. PennyMac Financial Services has a one year low of $62.15 and a one year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. During the same quarter in the prior year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in PennyMac Financial Services by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after purchasing an additional 8,345 shares during the last quarter. American Century Companies Inc. increased its stake in shares of PennyMac Financial Services by 13.2% in the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after buying an additional 40,676 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in PennyMac Financial Services by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock valued at $17,240,000 after acquiring an additional 4,930 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in PennyMac Financial Services by 0.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 139,882 shares of the real estate investment trust’s stock valued at $12,742,000 after acquiring an additional 1,190 shares during the last quarter. Finally, Edgestream Partners L.P. grew its holdings in PennyMac Financial Services by 256.9% during the 2nd quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock worth $8,028,000 after acquiring an additional 61,087 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $107.57, for a total transaction of $1,075,700.00. Following the completion of the sale, the chief executive officer now directly owns 190,604 shares in the company, valued at $20,503,272.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $107.57, for a total transaction of $1,075,700.00. Following the completion of the sale, the chief executive officer now owns 190,604 shares of the company’s stock, valued at approximately $20,503,272.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the transaction, the chief financial officer now directly owns 235,997 shares in the company, valued at approximately $26,651,141.21. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,855 shares of company stock worth $9,647,599. 16.60% of the stock is owned by company insiders.

PennyMac Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This is a boost from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 1.10%. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 41.67%.

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.