Wedbush Has Optimistic Outlook of PFSI FY2024 Earnings

PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) - Equities researchers at Wedbush upped their FY2024 EPS estimates for PennyMac Financial Services in a report issued 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 prior estimate of $11.25. Wedbush has a "Outperform" rating and a $130.00 price target 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.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.28% and a net margin of 11.45%. The company had revenue of $411.83 million for the quarter, compared to analysts' expectations of $513.12 million. During the same period in the prior year, the business earned $1.77 EPS. The business's revenue for the quarter was up 2.9% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company upped their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday. StockNews.com downgraded 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 report on Monday, July 22nd. Piper Sandler increased their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, 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 research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $115.86.

PennyMac Financial Services Trading Down 0.2 %

NYSE PFSI traded down $0.20 during mid-day trading on Friday, hitting $100.88. The company's stock had a trading volume of 295,569 shares, compared to its average volume of 256,730. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. PennyMac Financial Services has a 52-week low of $62.75 and a 52-week high of $119.13. The stock's fifty day simple moving average is $107.79 and its two-hundred day simple moving average is $98.20. The firm has a market capitalization of $5.16 billion, a P/E ratio of 32.03, a price-to-earnings-growth ratio of 0.63 and a beta of 1.77.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Monday, November 18th. PennyMac Financial Services's dividend payout ratio (DPR) is presently 38.10%.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, Director Anne Mccallion sold 23,829 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the sale, the director now directly owns 1,854 shares in the company, valued at approximately $191,221.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the sale, the director now owns 1,854 shares of the company's stock, valued at approximately $191,221.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Richard Bailey sold 14,130 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $116.88, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,855 shares of company stock worth $9,647,599. 16.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in PennyMac Financial Services by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,610,041 shares of the real estate investment trust's stock worth $230,649,000 after acquiring an additional 19,748 shares during the period. MorganRosel Wealth Management LLC grew its stake in shares of PennyMac Financial Services by 2.2% in 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 last quarter. Denali Advisors LLC raised its holdings in shares of 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 worth $3,789,000 after purchasing an additional 26,700 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of PennyMac Financial Services by 56.1% in the 1st quarter. BNP Paribas Financial Markets now owns 13,917 shares of the real estate investment trust's stock worth $1,268,000 after purchasing an additional 5,004 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in PennyMac Financial Services during the first quarter valued at approximately $2,570,000. Institutional investors own 57.87% of the company's stock.

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.