Wedbush Has Positive Outlook of PFSI FY2024 Earnings

PennyMac Financial Services, Inc. (NYSE:PFSI) – Stock analysts at Wedbush lifted their FY2024 earnings estimates for PennyMac Financial Services in a note issued to investors on Wednesday, October 23rd. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $12.00 per share for the year, up from their prior forecast of $11.25. Wedbush has a “Outperform” rating and a $130.00 price objective 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.

Other equities analysts have also recently issued research reports about the stock. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company increased their price objective on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research report on Monday, July 22nd. Barclays raised their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Piper Sandler upped their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.86.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $101.02 on Friday. The business’s fifty day moving average is $107.73 and its 200 day moving average is $98.12. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of 32.07, a PEG ratio of 0.63 and a beta of 1.77. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last issued its 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). The business had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a return on equity of 15.28% and a net margin of 11.45%. PennyMac Financial Services’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.77 EPS.

PennyMac Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Monday, November 18th. PennyMac Financial Services’s payout ratio is 38.10%.

Insiders Place Their Bets

In related 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 completion of the sale, the director now owns 1,854 shares of the company’s stock, valued at $191,221.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $99.31, for a total value of $993,100.00. Following the sale, the chief executive officer now directly owns 210,604 shares of the company’s stock, valued at $20,915,083.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anne Mccallion sold 23,829 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $103.14, for a total value of $2,457,723.06. Following the transaction, the director now directly owns 1,854 shares of the company’s stock, valued at $191,221.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,855 shares of company stock worth $9,647,599. 16.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. increased its position in PennyMac Financial Services by 59.5% during the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 262 shares in the last quarter. nVerses Capital LLC bought a new position in shares of PennyMac Financial Services during the third quarter valued at $285,000. Creative Planning raised its position in shares of PennyMac Financial Services by 17.7% in the 3rd quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock worth $667,000 after purchasing an additional 879 shares during the last quarter. SG Americas Securities LLC boosted its stake in PennyMac Financial Services by 291.8% in the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock worth $1,357,000 after purchasing an additional 8,871 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in PennyMac Financial Services during the 2nd quarter valued at about $408,000. 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.