PennyMac Financial Services (NYSE:PFSI) Releases Earnings Results, Misses Estimates By $0.80 EPS

PennyMac Financial Services (NYSE:PFSI) announced its earnings results 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 return on equity of 12.78% and a net margin of 13.13%. 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 firm earned $1.11 earnings per share. The firm’s revenue was up 20.7% compared to the same quarter last year.

PennyMac Financial Services Trading Up 2.8 %

Shares of NYSE:PFSI traded up $2.73 during midday trading on Thursday, hitting $99.30. The company had a trading volume of 397,071 shares, compared to its average volume of 244,961. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 0.65 and a beta of 1.72. The firm has a fifty day simple moving average of $93.60 and a 200 day simple moving average of $90.10. 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 12 month low of $62.15 and a 12 month high of $105.94.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s dividend payout ratio is 27.78%.

Analyst Ratings Changes

A number of research firms have commented on PFSI. Wedbush boosted their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered 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 report on Thursday, April 25th. Keefe, Bruyette & Woods lowered shares of 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. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Finally, Barclays increased their price objective on PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services presently has an average rating of “Hold” and a consensus price target of $107.17.

Insider Buying and Selling at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 16,465 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total value of $1,493,869.45. Following the completion of the transaction, the director now owns 116,546 shares of the company’s stock, valued at approximately $10,574,218.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Joseph F. Mazzella sold 16,465 shares of PennyMac Financial Services stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total value of $1,493,869.45. Following the sale, the director now directly owns 116,546 shares in the company, valued at $10,574,218.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $90.56, for a total transaction of $905,600.00. Following the completion of the transaction, the chief executive officer now directly owns 230,604 shares of the company’s stock, valued at approximately $20,883,498.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,865 shares of company stock valued at $8,045,169. Corporate insiders own 16.60% of the company’s stock.

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.