Pennymac Finl Svcs Inc Stock Price, News & Analysis

PennyMac Financial Services (NYSE: PFSI) reported a strong fourth quarter in 2020, with a net income of $452.8 million or $5.97 per share on revenue of $1.0 billion. The book value per share rose to $47.80. The Board declared a fourth-quarter cash dividend of $0.20 per share, a 33% increase from the previous quarter, payable on February 25, 2021. Notably, pretax income was $617.2 million, down 15% from the prior quarter but up 204% year-over-year, with record loan production of $196.6 billion for 2020.

PennyMac Financial Services, Inc. (NYSE: PFSI) will announce its financial results for Q4 and the year ended December 31, 2020, on February 4, 2021, after market close. A recorded presentation of the results will be available alongside the news release on the company's website. PennyMac is a major player in the U.S. mortgage industry, having originated $170 billion in loans in the past year and serviced $402 billion in loans, ranking third and seventh among lenders and servicers, respectively.

PennyMac Financial Services, Inc. (NYSE: PFSI) announced the passing of founder and Non-Executive Chairman Stanford L. Kurland at age 68 due to COVID-19 complications and brain cancer. His loss is deeply felt within the company and the mortgage industry. Kurland, recognized for leadership in mortgage banking, founded PennyMac in 2008, which grew to become a top mortgage lender in the U.S. Under his guidance, the firm originated $170 billion in loans and serviced $402 billion by September 2020. His legacy at PennyMac and the industry is significant.

PennyMac Mortgage Investment Trust (NYSE: PMT) announces executive role changes alongside organizational updates from PennyMac Financial Services, Inc. (NYSE: PFSI). Effective January 1, 2021, Andrew S. Chang transitions from Senior Managing Director and CFO to Senior Managing Director and COO. Daniel S. Perotti steps up from Deputy CFO to Senior Managing Director and CFO. CEO David A. Spector emphasizes that these promotions reflect the organization’s evolution and commitment to ensuring long-term success and strong risk-adjusted returns for shareholders.

PennyMac Financial (NYSE: PFSI) has announced key leadership changes effective January 1, 2021. Andrew S. Chang is promoted to Senior Managing Director and Chief Operating Officer, overseeing finance and enterprise operations. Daniel S. Perotti will become the new Chief Financial Officer, managing financial activities. These changes highlight the company's focus on growth and operational efficiency, as stated by President David A. Spector, who emphasizes the strength of the senior management team in guiding the firm within the mortgage industry.

PennyMac Financial Services reported a net income of $535.2 million, or $7.03 per share, for Q3 2020, on revenue of $1.1 billion. This marks a 52% increase in pretax income from the previous quarter and a staggering 338% year-over-year growth. The company declared a quarterly cash dividend of $0.15 per share, payable on November 25, 2020. Notably, the production segment's income rose to $613.3 million, and direct lending commitments surged to $16.4 billion. The servicing portfolio grew to $401.9 billion in unpaid principal balance.

PennyMac Financial Services, Inc. (NYSE: PFSI) is set to announce its financial results for the quarter ending September 30, 2020, after the market's close on November 5, 2020. The news release will be available on their website. Executives will conduct a recorded presentation reviewing these results, which will also be accessible online. The company is a leading financial services firm in the U.S. mortgage market, having originated $150 billion in loans over the past year, ranking third nationally, and servicing $388.3 billion, ranking eighth.

PennyMac Financial Services (NYSE: PFSI) has appointed Lisa M. Shalett to its Board of Directors, bringing over 20 years of experience from Goldman Sachs and Brookfield Asset Management. CEO David A. Spector expressed enthusiasm for her expertise in capital markets, risk management, and digital strategy, expecting her to provide valuable insights. Shalett is known for founding Extraordinary Women on Boards and holds an MBA from Harvard Business School. This strategic move may enhance the company’s governance and market position.

PennyMac Financial Services has announced the pricing of $150 million in 5.375% Senior Notes due 2025, with a 3% offering price, plus accrued interest from September 29, 2020. This issuance will be treated as a single series with existing notes issued previously. The proceeds will primarily go towards general corporate purposes, including repayments of warehouse borrowings. The private placement targets qualified institutional buyers, closing anticipated on October 19, 2020.