PennyMac Financial Services, Inc. (NYSE:PFSI) – Analysts at Wedbush lowered their Q2 2021 earnings per share (EPS) estimates for PennyMac Financial Services in a research report issued to clients and investors on Friday, June 18th. Wedbush analyst H. Coffey now forecasts that the real estate investment trust will post earnings per share of $3.40 for the quarter, down from their previous forecast of $3.46. Wedbush also issued estimates for PennyMac Financial Services’ Q3 2021 earnings at $3.05 EPS, Q1 2022 earnings at $2.88 EPS and FY2022 earnings at $12.50 EPS.
PFSI has been the subject of several other reports. Barclays lifted their target price on shares of PennyMac Financial Services from $87.00 to $89.00 and gave the stock an “overweight” rating in a report on Friday, June 18th. Credit Suisse Group reduced their price target on shares of PennyMac Financial Services from $80.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, May 10th. Zacks Investment Research raised shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research report on Saturday. JMP Securities reduced their price objective on PennyMac Financial Services from $85.00 to $75.00 and set a “market outperform” rating for the company in a research report on Thursday, June 3rd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $73.00 price target (down from $77.00) on shares of PennyMac Financial Services in a research note on Tuesday, April 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $80.63.
PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Thursday, May 6th. The real estate investment trust reported $5.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.79 by ($0.64). The company had revenue of $944.69 million for the quarter, compared to analysts’ expectations of $982.06 million. PennyMac Financial Services had a net margin of 43.72% and a return on equity of 55.61%. The firm’s revenue for the quarter was up 30.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.73 earnings per share.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFSI. BlackRock Inc. increased its stake in shares of PennyMac Financial Services by 28.3% during the fourth quarter. BlackRock Inc. now owns 3,726,371 shares of the real estate investment trust’s stock worth $244,523,000 after buying an additional 822,242 shares during the period. Senvest Management LLC grew its holdings in shares of PennyMac Financial Services by 130.7% during the fourth quarter. Senvest Management LLC now owns 1,341,040 shares of the real estate investment trust’s stock worth $87,999,000 after purchasing an additional 759,697 shares during the last quarter. Geode Capital Management LLC increased its position in shares of PennyMac Financial Services by 7.4% during the first quarter. Geode Capital Management LLC now owns 681,108 shares of the real estate investment trust’s stock worth $45,545,000 after purchasing an additional 46,843 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of PennyMac Financial Services by 29.9% in the 1st quarter. JPMorgan Chase & Co. now owns 584,824 shares of the real estate investment trust’s stock valued at $39,107,000 after purchasing an additional 134,493 shares during the period. Finally, Morgan Stanley increased its position in PennyMac Financial Services by 53.5% during the fourth quarter. Morgan Stanley now owns 551,157 shares of the real estate investment trust’s stock worth $36,166,000 after buying an additional 192,089 shares during the period. 50.28% of the stock is owned by institutional investors.
In other PennyMac Financial Services news, CEO David Spector sold 15,000 shares of PennyMac Financial Services stock in a transaction dated Monday, March 29th. The shares were sold at an average price of $65.88, for a total transaction of $988,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Farhad Nanji purchased 6,963 shares of PennyMac Financial Services stock in a transaction dated Monday, June 21st. The stock was bought at an average cost of $62.66 per share, for a total transaction of $436,301.58. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 869,379 shares of company stock worth $53,594,399 and have sold 669,822 shares worth $40,671,003. 12.90% of the stock is currently owned by insiders.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 27th. Investors of record on Monday, May 17th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, May 14th. This represents a $0.80 annualized dividend and a yield of 1.27%. PennyMac Financial Services’s dividend payout ratio (DPR) is 3.82%.
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. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.
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