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

PennyMac Financial Services, Inc. (NYSE:PFSI) – Investment analysts at Wedbush lifted their Q2 2024 earnings per share estimates for shares of PennyMac Financial Services in a report issued on Thursday, April 25th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings of $2.74 per share for the quarter, up from their prior estimate of $2.51. 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 $10.58 per share. Wedbush also issued estimates for PennyMac Financial Services’ Q4 2024 earnings at $2.75 EPS.

Several other equities research analysts have also commented on PFSI. Keefe, Bruyette & Woods decreased their price target on PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday. Barclays boosted their price target on PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft decreased their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, StockNews.com lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note 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 company’s stock. Based on data from MarketBeat, PennyMac Financial Services has an average rating of “Moderate Buy” and a consensus price target of $97.75.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $87.00 on Monday. The business’s 50 day simple moving average is $87.83 and its 200-day simple moving average is $83.25. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 30.21, a price-to-earnings-growth ratio of 0.56 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. PennyMac Financial Services has a 12 month low of $56.16 and a 12 month high of $94.78.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating 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 company had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million.

PennyMac Financial Services Dividend Announcement

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

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the transaction, the chief executive officer now directly owns 250,604 shares in the company, valued at approximately $22,734,794.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the transaction, the chief executive officer now directly owns 250,604 shares in the company, valued at approximately $22,734,794.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Derek Stark sold 5,255 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $89.44, for a total value of $470,007.20. Following the completion of the transaction, the insider now owns 27,084 shares of the company’s stock, valued at $2,422,392.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,802 shares of company stock valued at $7,666,108. 17.40% of the stock is owned by corporate insiders.

Institutional Trading of PennyMac Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its holdings in shares of PennyMac Financial Services by 40.0% during the 4th quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock worth $5,333,000 after buying an additional 17,245 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of PennyMac Financial Services during the 3rd quarter worth $3,370,000. Graham Capital Management L.P. acquired a new stake in PennyMac Financial Services in the 3rd quarter valued at $1,237,000. Adage Capital Partners GP L.L.C. acquired a new stake in PennyMac Financial Services in the 3rd quarter valued at $3,657,000. Finally, Invesco Ltd. increased its holdings in PennyMac Financial Services by 47.6% in the 3rd quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock valued at $32,654,000 after purchasing an additional 158,181 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

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.