Wedbush Has Bullish Estimate for PFSI FY2024 Earnings

PennyMac Financial Services, Inc. (NYSE:PFSI) – Investment analysts at Wedbush raised their FY2024 earnings per share estimates for shares of PennyMac Financial Services in a research report issued to clients and investors on Wednesday, October 23rd. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings per share of $12.00 for the year, up from their previous forecast of $11.25. Wedbush currently has a “Outperform” rating and a $130.00 target price on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $11.22 per share. Wedbush also issued estimates for PennyMac Financial Services’ Q4 2024 earnings at $3.36 EPS, Q1 2025 earnings at $3.46 EPS, Q2 2025 earnings at $3.40 EPS and Q4 2025 earnings at $3.88 EPS.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective on the stock. in a research note on Monday, July 22nd. Barclays boosted their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Wells Fargo & Company raised their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Piper Sandler boosted their price objective on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.86.

PennyMac Financial Services Stock Down 0.2 %

PennyMac Financial Services stock opened at $100.88 on Friday. PennyMac Financial Services has a fifty-two week low of $62.75 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 0.63 and a beta of 1.77. The company’s 50 day simple moving average is $107.79 and its 200 day simple moving average is $98.24.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($1.62). The company had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a return on equity of 15.28% and a net margin of 11.45%. PennyMac Financial Services’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 earnings per share.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Monday, November 18th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.19%. PennyMac Financial Services’s payout ratio is presently 38.10%.

Insider Activity at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 11,396 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total value of $1,115,896.32. Following the sale, the director now owns 105,446 shares of the company’s stock, valued at $10,325,272.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Joseph F. Mazzella sold 11,396 shares of PennyMac Financial Services stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total value of $1,115,896.32. Following the sale, the director now owns 105,446 shares of the company’s stock, valued at approximately $10,325,272.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,075,700.00. Following the transaction, the chief executive officer now directly owns 190,604 shares of the company’s stock, valued at $20,503,272.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,855 shares of company stock valued at $9,647,599. 16.60% of the stock is owned by insiders.

Institutional Trading of PennyMac Financial Services

A number of large investors have recently added to or reduced their stakes in PFSI. Blue Trust Inc. raised its stake in PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 262 shares during the period. nVerses Capital LLC acquired a new position in shares of PennyMac Financial Services during the 3rd quarter worth approximately $285,000. Creative Planning raised its stake in PennyMac Financial Services by 17.7% in the 3rd quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock valued at $667,000 after acquiring an additional 879 shares during the period. SG Americas Securities LLC lifted its holdings in PennyMac Financial Services by 291.8% during the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock valued at $1,357,000 after purchasing an additional 8,871 shares during the last quarter. Finally, Algert Global LLC bought a new position in PennyMac Financial Services during the second quarter worth $408,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

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.