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

PennyMac Financial Services (NYSE:PFSIGet Free Report) 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.

Get Our Latest Report on PFSI

About PennyMac Financial Services

(Get Free Report)

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.

Further Reading

Earnings History for PennyMac Financial Services (NYSE:PFSI)

Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.