PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) - Stock analysts at Wedbush boosted their Q2 2024 EPS estimates for PennyMac Financial Services in a research note issued on Thursday, April 25th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will post earnings per share of $2.74 for the quarter, up from their previous forecast of $2.51. Wedbush currently has a "Outperform" rating and a $110.00 target price 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.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. The company had revenue of $305.66 million for the quarter, compared to the consensus estimate of $422.87 million.
Other analysts also recently issued research reports about the company. StockNews.com downgraded PennyMac Financial Services from a "hold" rating to a "sell" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday. Barclays lifted their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of PennyMac Financial Services from $105.00 to $100.00 and set an "outperform" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.75.
View Our Latest Research Report on PennyMac Financial Services
PennyMac Financial Services Price Performance
Shares of PFSI stock traded up $0.37 during trading hours on Monday, hitting $87.37. The stock had a trading volume of 273,382 shares, compared to its average volume of 244,639. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 0.56 and a beta of 1.67. PennyMac Financial Services has a one year low of $56.16 and a one year high of $94.78. The stock's 50-day moving average price is $87.83 and its two-hundred day moving average price is $83.25.
Institutional Trading of PennyMac Financial Services
A number of hedge funds have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in PennyMac Financial Services during the fourth quarter worth $25,000. Hexagon Capital Partners LLC lifted its position in shares of PennyMac Financial Services by 128.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 205 shares in the last quarter. Parkside Financial Bank & Trust acquired a new position in PennyMac Financial Services during the fourth quarter worth $36,000. Exchange Traded Concepts LLC purchased a new position in PennyMac Financial Services in the 3rd quarter valued at about $57,000. Finally, TFO Wealth Partners LLC lifted its position in shares of PennyMac Financial Services by 16,300.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust's stock valued at $101,000 after acquiring an additional 1,141 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company's stock.
Insider Transactions at PennyMac Financial Services
In related news, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $88.50, for a total value of $1,008,900.00. Following the completion of the transaction, the chief financial officer now directly owns 257,897 shares of the company's stock, valued at approximately $22,823,884.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the company's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the sale, the insider now directly owns 7,257 shares of the company's stock, valued at $625,843.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 11,400 shares of PennyMac Financial Services stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $88.50, for a total value of $1,008,900.00. Following the transaction, the chief financial officer now owns 257,897 shares of the company's stock, valued at approximately $22,823,884.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,802 shares of company stock valued at $7,666,108. Corporate insiders own 16.60% of the company's stock.
PennyMac Financial Services Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Tuesday, May 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.92%. The ex-dividend date is Monday, May 13th. PennyMac Financial Services's dividend payout ratio is currently 27.78%.
About PennyMac Financial Services
(
Get Free Report)
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.
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