Q2 2024 Earnings Estimate for PennyMac Financial Services, Inc. Issued By Wedbush (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) – Research analysts at Wedbush raised their Q2 2024 earnings per share (EPS) estimates for shares of PennyMac Financial Services in a report issued on Thursday, April 25th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will earn $2.74 per share for the quarter, up from their previous forecast of $2.51. Wedbush currently has a “Outperform” rating and a $110.00 target price on the stock. The consensus estimate for PennyMac Financial Services’ current full-year earnings is $10.58 per share. Wedbush also issued estimates for PennyMac Financial Services’ Q4 2024 earnings at $2.75 EPS.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 10.51% and a net margin of 10.94%. The business had revenue of $305.66 million during the quarter, compared to analysts’ expectations of $422.87 million.

PFSI has been the subject of a number of other reports. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft cut their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Barclays raised their price target on PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods decreased their target price on PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Moderate Buy” and an average price target of $97.75.

PennyMac Financial Services Trading Down 2.0 %

PennyMac Financial Services stock opened at $85.67 on Monday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. PennyMac Financial Services has a 12-month low of $56.16 and a 12-month high of $94.78. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 29.74, a P/E/G ratio of 0.56 and a beta of 1.67. The firm has a 50 day moving average of $87.81 and a 200 day moving average of $83.40.

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 paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.80 annualized dividend and a yield of 0.93%. PennyMac Financial Services’s payout ratio is currently 27.78%.

Insiders Place Their Bets

In related 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 value of $225,690.08. Following the sale, the insider now directly owns 7,257 shares of the company’s stock, valued at approximately $625,843.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PennyMac Financial Services news, CEO David Spector sold 26,451 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $86.05, for a total value of $2,276,108.55. Following the sale, the chief executive officer now owns 647,938 shares in the company, valued at $55,755,064.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James Follette sold 2,617 shares of PennyMac Financial Services stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $86.24, for a total value of $225,690.08. Following the sale, the insider now owns 7,257 shares of the company’s stock, valued at $625,843.68. The disclosure for this sale can be found here. Insiders sold 87,802 shares of company stock valued at $7,666,108 over the last three months. 16.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas purchased a new stake in PennyMac Financial Services in the 4th quarter valued at about $25,000. Hexagon Capital Partners LLC raised its stake in shares of PennyMac Financial Services by 128.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 205 shares in the last quarter. Parkside Financial Bank & Trust purchased a new stake in shares of PennyMac Financial Services in the fourth quarter valued at approximately $36,000. Exchange Traded Concepts LLC bought a new position in PennyMac Financial Services in the third quarter worth approximately $57,000. Finally, TFO Wealth Partners LLC grew its stake in PennyMac Financial Services by 16,300.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $101,000 after purchasing an additional 1,141 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

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.