Q3 2024 EPS Estimates for PennyMac Financial Services, Inc. (NYSE:PFSI) Lifted by Wedbush

PennyMac Financial Services, Inc. (NYSE:PFSI) – Equities researchers at Wedbush raised their Q3 2024 earnings estimates for shares of PennyMac Financial Services in a research report issued to clients and investors on Thursday, October 10th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will earn $3.00 per share for the quarter, up from their previous forecast of $2.87. Wedbush has a “Outperform” rating and a $120.00 price target 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.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 posted $1.11 EPS. The company’s quarterly revenue was up 20.7% compared to the same quarter last year.

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

PennyMac Financial Services Stock Up 0.1 %

PFSI opened at $106.27 on Monday. The firm’s 50-day simple moving average is $105.93 and its 200-day simple moving average is $97.16. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. PennyMac Financial Services has a twelve month low of $62.15 and a twelve month high of $119.13. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 36.90, a PEG ratio of 0.66 and a beta of 1.77.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PFSI. Virtu Financial LLC bought a new position in PennyMac Financial Services during the 4th quarter worth approximately $253,000. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 19,748 shares during the period. Quadrature Capital Ltd bought a new stake in shares of PennyMac Financial Services during the 4th quarter worth $967,000. MorganRosel Wealth Management LLC raised its stake in shares of PennyMac Financial Services by 2.2% during the 1st quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock worth $985,000 after purchasing an additional 236 shares during the period. Finally, Denali Advisors LLC raised its stake in PennyMac Financial Services by 179.2% in the 1st quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock valued at $3,789,000 after acquiring an additional 26,700 shares during the period. Institutional investors own 57.87% of the company’s stock.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of PennyMac Financial Services stock in a transaction on Monday, September 16th. The shares were sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now directly owns 14,670 shares of the company’s stock, valued at $1,714,629.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO David Spector sold 10,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $99.31, for a total value of $993,100.00. Following the completion of the transaction, the chief executive officer now owns 210,604 shares of the company’s stock, valued at approximately $20,915,083.24. This represents 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, insider Steven Richard Bailey sold 14,130 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now directly owns 14,670 shares of the company’s stock, valued at $1,714,629.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,855 shares of company stock valued at $8,571,899. 16.60% of the stock is owned by corporate insiders.

PennyMac Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.30 per share. 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 1.13%. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 41.67%.

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.