PennyMac Financial Services (NYSE:PFSI) Issues Quarterly Earnings Results

PennyMac Financial Services (NYSE:PFSI) announced its earnings results on Tuesday. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.80), Briefing.com reports. PennyMac Financial Services had a return on equity of 10.48% and a net margin of 10.94%. The business had revenue of $406.13 million for the quarter, compared to analyst estimates of $469.64 million. During the same period last year, the firm earned $1.11 EPS. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year.

PennyMac Financial Services Trading Down 3.8 %

PFSI traded down $3.83 on Wednesday, hitting $96.57. The company had a trading volume of 462,041 shares, compared to its average volume of 243,883. The firm has a market cap of $4.92 billion, a P/E ratio of 33.95, a PEG ratio of 0.64 and a beta of 1.72. PennyMac Financial Services has a 1 year low of $62.15 and a 1 year high of $105.94. The company’s fifty day moving average price is $93.55 and its 200 day moving average price is $90.06. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 2.33.

PennyMac Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Tuesday, August 13th will be issued a $0.30 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 1.24%. The ex-dividend date is Tuesday, August 13th. PennyMac Financial Services’s payout ratio is 27.78%.

Insider Activity at PennyMac Financial Services

In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $93.16, for a total value of $931,600.00. Following the sale, the chief executive officer now directly owns 240,604 shares in the company, valued at approximately $22,414,668.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $93.16, for a total value of $931,600.00. Following the sale, the chief executive officer now directly owns 240,604 shares in the company, valued at approximately $22,414,668.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph F. Mazzella sold 16,465 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $90.73, for a total transaction of $1,493,869.45. Following the completion of the sale, the director now owns 116,546 shares in the company, valued at $10,574,218.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,865 shares of company stock worth $8,045,169. Company insiders own 16.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PFSI shares. Barclays lifted 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 note on Tuesday, April 9th. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research note on Monday. Piper Sandler boosted their price target on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Wednesday. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Finally, Wedbush boosted their price target on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $107.17.

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.