Welcome to our dedicated page for PennyMac Financial Services news (Ticker: PFSI), a resource for investors and traders seeking the latest updates and insights on PennyMac Financial Services stock.
PennyMac Financial Services, Inc. (symbol: PFSI) is a leading United States-based financial services company that specializes in mortgage lending. Headquartered in Westlake Village, California, PennyMac operates through three primary segments: production, servicing, and investment management.
Core Business: PennyMac's core business revolves around mortgage loan origination, acquisition, and sale activities. This includes providing a wide array of mortgage products with competitive rates tailored to meet the unique needs of homeowners across the nation. The company's production and servicing segments form the backbone of its mortgage banking operations, while its investment management segment focuses on managing acquired assets and investment activities.
Recent Achievements: PennyMac has seen significant growth in recent years, more than doubling its size and now serving over a million homeowners. The company's commitment to customer service has been a key factor in its success, ensuring that customers are supported throughout the entire homeownership journey, not just at closing.
Partnerships and Innovations: PennyMac's business model allows it to focus on customer needs without the constraints of maintaining a wide network of branches and banking products. This focus has enabled the company to continuously innovate and improve the home loan experience, making it easier for customers to find the right products for their needs.
Financial Condition: The majority of PennyMac's revenue is generated from its robust mortgage banking business. The company's strong financial standing is a testament to its effective management and strategic growth initiatives.
Equal Housing Opportunity: PennyMac is an advocate for equal housing opportunities, ensuring that all customers have access to fair and competitive mortgage products. The company is committed to maintaining transparency and integrity in all its operations, further solidifying its reputation as a trusted financial partner.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced a quarterly dividend declaration of $0.40 per common share for the fourth quarter of 2024. The dividend will be paid on January 24, 2025, to shareholders of record as of December 27, 2024.
PennyMac Financial Services, Inc. (NYSE: PFSI) reported net income of $69.4 million for Q3 2024, or $1.30 per share on a diluted basis, with revenue of $411.8 million. Key highlights include:
- Book value per share increased to $72.95 from $71.76 in Q2 2024
- Declared a Q3 cash dividend of $0.30 per share
- Pretax income was $93.9 million, down from previous quarters
- Production segment pretax income increased to $107.9 million
- Total loan acquisitions and originations reached $31.7 billion in UPB
- Servicing portfolio grew to $648.1 billion in UPB
- Investment Management segment pretax income was $0.7 million
The company reported strong performance in its production segment, with consumer direct and broker direct channels showing significant growth. However, the servicing segment experienced a pretax loss of $14.6 million due to MSR fair value declines.
PennyMac Mortgage Investment Trust (NYSE: PMT) reported net income of $31.0 million, or $0.36 per diluted share, for Q3 2024. The company announced a cash dividend of $0.40 per share. Key highlights include:
- Annualized return on average common equity of 9%
- Book value per share slightly decreased to $15.85
- Conventional correspondent loan production volumes for PMT's account totaled $5.9 billion in UPB, up 167% from Q2
- Created $88 million in new mortgage servicing rights (MSRs)
- Redeemed $305 million of MSR term notes and issued $159 million of new CRT term notes
PMT's CEO David Spector noted the company's focus on balance sheet management and its competitive advantage through its relationship with PFSI. The company is well-positioned to participate in private label securitizations and create organic investments from its production.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced that it will release its third quarter 2024 financial results after the market closes on Tuesday, October 22, 2024. The company will follow this with a conference call and live audio webcast at 6:00 p.m. Eastern Time to discuss the results in detail.
Investors and interested parties can access the earnings release, webcast, and accompanying materials on the company's website at pmt.pennymac.com. For those unable to attend the live event, a replay of the webcast will be made available shortly after its conclusion. Additionally, individuals who cannot access the website can request materials by contacting PMT's Investor Relations department at 818.224.7028.
PennyMac Financial Services, Inc. (NYSE: PFSI) has announced the date for the release of its third quarter 2024 results. The company will issue a news release after the market close on Tuesday, October 22, 2024. Following the release, management will host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the results.
Investors and interested parties can access the release, webcast, and accompanying materials online at pfsi.pennymac.com. A replay of the webcast will be available shortly after its conclusion. For those unable to access the website, copies of the materials can be obtained by contacting PennyMac's Investor Relations department at 818.224.7028.
PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced organizational changes. William Chang is stepping down from his positions as Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT to pursue other interests in the mortgage banking industry.
Mark Elbaum, hired in April of the previous year, will assume Chang's responsibilities on an interim basis. Elbaum, an industry veteran with significant mortgage banking experience, has held leadership roles at companies including Homepoint Financial, Bank of America, and Countrywide.
Chairman and CEO David Spector expressed confidence in Elbaum's ability to lead the capital markets group and ensure a smooth transition. Spector also acknowledged Chang's decade-long contribution to Pennymac's success in various capacities.
PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.40 per common share for the third quarter of 2024. The dividend will be paid on October 25, 2024, to shareholders of record as of October 11, 2024. This announcement demonstrates PMT's commitment to providing regular returns to its investors, maintaining its dividend distribution schedule. The consistent dividend payout may be seen as a positive sign of the company's financial stability and its ability to generate steady cash flows in the mortgage investment sector.
PennyMac Financial Services, Inc. (NYSE: PFSI) announced significant changes to its Board of Directors. Sunil Chandra, a technology and financial services expert, has joined the board, while James Hunt and Emily Youssouf will retire effective December 31, 2024. Chandra brings extensive experience from his roles as CEO of Dyme.Earth, CEO of OakNorth, and VP at Google. His expertise in technology, financial services, and global operations is expected to bring a unique perspective to PennyMac's board.
Chairman and CEO David Spector expressed gratitude for Hunt and Youssouf's decade-long service, highlighting their contributions to PennyMac's growth. The board transition marks a strategic move for PennyMac, potentially influencing its future direction in the mortgage industry.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced its participation in the 2024 Barclays Global Financial Services Conference. The company will present jointly with PennyMac Financial Services, Inc. (NYSE: PFSI). David Spector, Chairman and CEO, and Daniel Perotti, Senior Managing Director and CFO, will engage in a fireside chat on Monday, September 9, 2024, at 10:30 a.m. Eastern Time.
A live audio webcast of the presentation will be accessible on PMT's Investor Relations website at pmt.pennymac.com. The webcast replay will be available for a time after the event. This conference provides an opportunity for investors to gain insights into PMT's strategies and financial performance.
PennyMac Financial Services, Inc. (NYSE: PFSI) has announced its participation in the 2024 Barclays Global Financial Services Conference. The company will present jointly with PennyMac Mortgage Investment Trust (NYSE: PMT) on Monday, September 9, 2024, at 10:30 a.m. Eastern Time.
Chairman and CEO David Spector and Senior Managing Director and CFO Daniel Perotti will engage in a fireside chat during the event. Interested parties can access a live audio webcast of the presentation through PennyMac Financial Services, Inc.'s Investor Relations website at pfsi.pennymac.com. A replay of the webcast will be available for a time after the event.
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