PennyMac Financial Services (NYSE:PFSI) Announces Quarterly Earnings Results

PennyMac Financial Services (NYSE:PFSI) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80), Briefing.com reports. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.48%. The business had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. During the same period in the previous year, the business posted $1.11 earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis.

PennyMac Financial Services Trading Down 3.8 %

PennyMac Financial Services stock traded down $3.83 during trading on Wednesday, reaching $96.57. 462,041 shares of the company were exchanged, compared to its average volume of 243,883. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $105.94. The company has a market capitalization of $4.92 billion, a P/E ratio of 33.95, a PEG ratio of 0.64 and a beta of 1.72. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.39 and a quick ratio of 0.39. The stock’s 50 day simple moving average is $93.55 and its two-hundred day simple moving average is $90.06.

PennyMac Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Tuesday, August 13th will be given a dividend of $0.30 per share. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.24%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 27.78%.

Wall Street Analysts Forecast Growth

PFSI has been the topic of several research analyst reports. Wedbush raised their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Piper Sandler raised their target price on PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, PennyMac Financial Services presently has an average rating of “Hold” and an average price target of $107.17.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $93.16, for a total transaction of $931,600.00. Following the transaction, the chief executive officer now owns 240,604 shares in the company, valued at $22,414,668.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $93.16, for a total transaction of $931,600.00. Following the transaction, the chief executive officer now owns 240,604 shares in the company, valued at $22,414,668.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Daniel Stanley Perotti sold 11,400 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $92.00, for a total value of $1,048,800.00. Following the transaction, the chief financial officer now owns 246,497 shares in the company, valued at approximately $22,677,724. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 87,865 shares of company stock worth $8,045,169. 16.60% of the stock is owned by corporate insiders.

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.