PennyMac Financial Services (NYSE:PFSI) Issues Quarterly Earnings Results, Misses Expectations By $0.80 EPS

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 analysts’ consensus estimates of $2.65 by ($0.80), Briefing.com reports. PennyMac Financial Services had a return on equity of 12.78% and a net margin of 13.13%. The firm had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. During the same quarter in the prior year, the firm earned $1.11 EPS. The business’s quarterly revenue was up 20.7% compared to the same quarter last year.

PennyMac Financial Services Price Performance

PFSI traded up $2.06 on Thursday, reaching $98.63. The company had a trading volume of 13,669 shares, compared to its average volume of 242,261. The company has a fifty day moving average of $93.60 and a 200-day moving average of $90.10. The company has a market capitalization of $5.02 billion, a P/E ratio of 33.56, a PEG ratio of 0.65 and a beta of 1.72. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 2.33. PennyMac Financial Services has a one year low of $62.15 and a one year high of $105.94.

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. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.22%. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s payout ratio is currently 27.78%.

Insider Activity

In other news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $90.56, for a total value of $905,600.00. Following the transaction, the chief executive officer now directly owns 230,604 shares of the company’s stock, valued at $20,883,498.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $90.56, for a total value of $905,600.00. Following the completion of the sale, the chief executive officer now owns 230,604 shares of the company’s stock, valued at approximately $20,883,498.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Doug Jones sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total transaction of $2,744,700.00. Following the transaction, the director now directly owns 480,000 shares in the company, valued at approximately $43,915,200. The disclosure for this sale can be found here. Insiders have sold 87,865 shares of company stock worth $8,045,169 in the last 90 days. Company insiders own 16.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on PFSI shares. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Piper Sandler raised their price target on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays upped their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, PennyMac Financial Services currently has a consensus rating of “Hold” and a consensus target price of $107.17.

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.