PennyMac Financial Services Inc (NYSE:PFSI) Expected to Post Q3 2020 Earnings of $4.95 Per Share
PennyMac Financial Services Inc (NYSE:PFSI) – Stock analysts at Piper Sandler boosted their Q3 2020 earnings estimates for PennyMac Financial Services in a research report issued on Tuesday, September 15th. Piper Sandler analyst K. Barker now forecasts that the real estate investment trust will post earnings of $4.95 per share for the quarter, up from their prior forecast of $4.77. Piper Sandler has a “Overweight” rating and a $70.00 price objective on the stock. Piper Sandler also issued estimates for PennyMac Financial Services’ Q4 2020 earnings at $4.32 EPS and FY2020 earnings at $17.39 EPS.
PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $4.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.04 by $1.35. The business had revenue of $821.63 million during the quarter, compared to analysts’ expectations of $621.75 million. PennyMac Financial Services had a net margin of 37.77% and a return on equity of 42.33%. The company’s quarterly revenue was up 171.2% on a year-over-year basis.
NYSE PFSI opened at $57.62 on Wednesday. The stock has a market cap of $4.17 billion, a P/E ratio of 5.01 and a beta of 1.22. PennyMac Financial Services has a 12-month low of $13.14 and a 12-month high of $60.50. The company has a fifty day simple moving average of $50.69 and a two-hundred day simple moving average of $37.05. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.74.
Large investors have recently modified their holdings of the company. Kore Private Wealth LLC purchased a new stake in PennyMac Financial Services in the 2nd quarter valued at $30,000. US Bancorp DE grew its stake in shares of PennyMac Financial Services by 31.4% during the 1st quarter. US Bancorp DE now owns 2,020 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 483 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of PennyMac Financial Services during the 1st quarter worth $69,000. Macquarie Group Ltd. acquired a new position in shares of PennyMac Financial Services during the 2nd quarter worth $99,000. Finally, SG Americas Securities LLC grew its stake in shares of PennyMac Financial Services by 59.6% during the 1st quarter. SG Americas Securities LLC now owns 5,159 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 1,927 shares during the period. Institutional investors and hedge funds own 53.11% of the company’s stock.
In other news, insider David M. Walker sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $40.05, for a total transaction of $400,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stanford L. Kurland sold 1,200 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $52.98, for a total transaction of $63,576.00. The disclosure for this sale can be found here. Insiders have sold a total of 486,844 shares of company stock valued at $22,696,050 in the last quarter. 21.48% of the stock is currently owned by company insiders.
The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 17th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Friday, August 14th. This is a boost from PennyMac Financial Services’s previous quarterly dividend of $0.12. PennyMac Financial Services’s payout ratio is 12.27%.
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. 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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