Wedbush Weighs in on PennyMac Financial Services, Inc.’s Q3 2024 Earnings (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Investment analysts at Wedbush boosted their Q3 2024 earnings estimates for shares of PennyMac Financial Services in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings of $2.87 per share for the quarter, up from their previous forecast of $2.78. Wedbush has a “Outperform” rating and a $110.00 price objective on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $10.41 per share. Wedbush also issued estimates for PennyMac Financial Services’ FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

PFSI has been the topic of several other research reports. Keefe, Bruyette & Woods lowered their target price on shares of PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday. Barclays upped their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $97.75.

PennyMac Financial Services Trading Up 0.9 %

Shares of PennyMac Financial Services stock opened at $87.01 on Friday. The firm has a market capitalization of $4.39 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.37 and a quick ratio of 0.37. The company’s fifty day moving average price is $87.83 and its two-hundred day moving average price is $83.05. PennyMac Financial Services has a 52-week low of $56.16 and a 52-week high of $94.78.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.14. The firm had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Tuesday, May 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Monday, May 13th. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

Insiders Place Their Bets

In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total transaction of $225,690.08. Following the sale, the insider now owns 7,257 shares of the company’s stock, valued at approximately $625,843.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total transaction of $225,690.08. Following the transaction, the insider now directly owns 7,257 shares in the company, valued at approximately $625,843.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total transaction of $907,200.00. Following the transaction, the chief executive officer now owns 250,604 shares in the company, valued at $22,734,794.88. The disclosure for this sale can be found here. Insiders have sold a total of 87,802 shares of company stock valued at $7,666,108 in the last 90 days. 17.40% of the stock is currently owned by insiders.

Institutional Trading of PennyMac Financial Services

Several hedge funds have recently bought and sold shares of PFSI. USA Financial Formulas bought a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $25,000. Hexagon Capital Partners LLC lifted its holdings in PennyMac Financial Services by 128.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 205 shares during the last quarter. Parkside Financial Bank & Trust acquired a new stake in PennyMac Financial Services during the 4th quarter valued at $36,000. Exchange Traded Concepts LLC acquired a new stake in shares of PennyMac Financial Services during the third quarter worth $57,000. Finally, TFO Wealth Partners LLC lifted its holdings in shares of PennyMac Financial Services by 16,300.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 1,141 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

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.