PennyMac Financial Services (NYSE:PFSI) Announces Quarterly Earnings Results, Misses Estimates By $1.62 EPS

PennyMac Financial Services (NYSE:PFSI) issued its earnings results on Tuesday. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62), Briefing.com reports. The business had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.77 EPS.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock traded down $2.42 during trading hours on Wednesday, hitting $101.22. 120,301 shares of the company traded hands, compared to its average volume of 253,268. PennyMac Financial Services has a 1-year low of $62.15 and a 1-year high of $119.13. The firm has a market cap of $5.18 billion, a P/E ratio of 28.61, a P/E/G ratio of 0.67 and a beta of 1.77. The firm’s 50-day simple moving average is $107.66 and its two-hundred day simple moving average is $98.09. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75.

Insider Transactions at PennyMac Financial Services

In other news, Director Anne Mccallion sold 23,829 shares of the business’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 sale, the director now owns 1,854 shares of the company’s stock, valued at approximately $191,221.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction that occurred 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 owns 1,854 shares of the company’s stock, valued at $191,221.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the sale, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 89,855 shares of company stock valued at $9,647,599. Company insiders own 16.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PFSI. Wedbush raised their price objective on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Piper Sandler boosted their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays lifted their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target on the stock. in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, PennyMac Financial Services presently has an average rating of “Hold” and an average price target of $112.67.

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.