PennyMac Financial Services (NYSE:PFSI) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

PennyMac Financial Services (NYSE:PFSI) announced its quarterly earnings results on Thursday. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.15, Bloomberg Earnings reports. PennyMac Financial Services had a net margin of 16.34% and a return on equity of 9.79%. The company had revenue of $302.98 million for the quarter, compared to analysts’ expectations of $267.80 million.

PFSI traded up $1.38 during midday trading on Friday, reaching $25.29. The company’s stock had a trading volume of 1,000,992 shares, compared to its average volume of 194,795. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 0.80 and a beta of 0.48. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.19 and a quick ratio of 0.19. PennyMac Financial Services has a 1 year low of $18.77 and a 1 year high of $27.00. The company’s 50-day simple moving average is $22.88.

Separately, Zacks Investment Research upgraded shares of PennyMac Financial Services from a “hold” rating to a “strong-buy” rating and set a $26.00 price target on the stock in a research report on Wednesday, July 17th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $24.67.

In other PennyMac Financial Services news, insider Anne Mccallion sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $21.51, for a total value of $107,550.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Stanford L. Kurland sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $22.63, for a total transaction of $135,780.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,000 shares of company stock worth $4,052,470. Corporate insiders own 22.17% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC grew its holdings in PennyMac Financial Services by 93.0% in the fourth quarter. Squarepoint Ops LLC now owns 40,165 shares of the real estate investment trust’s stock worth $854,000 after purchasing an additional 19,352 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of PennyMac Financial Services by 25.1% during the fourth quarter. Bank of New York Mellon Corp now owns 157,163 shares of the real estate investment trust’s stock valued at $3,341,000 after buying an additional 31,508 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of PennyMac Financial Services by 0.9% during the fourth quarter. Nordea Investment Management AB now owns 102,265 shares of the real estate investment trust’s stock valued at $2,174,000 after buying an additional 865 shares during the last quarter. Denali Advisors LLC purchased a new stake in shares of PennyMac Financial Services during the second quarter valued at approximately $195,000. Finally, Boston Partners grew its holdings in shares of PennyMac Financial Services by 3.5% during the first quarter. Boston Partners now owns 309,334 shares of the real estate investment trust’s stock valued at $6,880,000 after buying an additional 10,461 shares during the last quarter. Institutional investors and hedge funds own 30.56% 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. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.

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Earnings History for PennyMac Financial Services (NYSE:PFSI)

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