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Wednesday, Dec 6, 2023

Both PennyMacs Report Sour Quarter

The two PennyMac companies of Moorpark on Thursday reported down quarters. PennyMac Financial Services, which originates mortgage loans, reported earnings per share of 23 cents, or 31 cents below analysts’ estimates. Its revenue of $143 million was up 2.2 percent from a year earlier, but the number was $43.5 million below expectations. PennyMac Mortgage Investment Trust, which buys mortgage loans, reported diluted earnings per common share of 20 cents, down 5 percent from the previous quarter. Net income of $14.5 million was down 8 percent from the previous quarter, but net investment income was up 3 percent. Stanford L. Kurland, who is chairman and chief executive of both companies, said he was disappointed with PennyMac Mortgage’s performance. But he said declining interest rates in the first quarter hurt PennyMac Financial. “PennyMac Financial’s underlying operating results and growth trends remain solid,” he said in a statement. “Mortgage production activity is strong.” The companies reported results after market close Thursday. PennyMac Financial closed Friday down 55 cents or 4.1 percent to $12.82. Shares of PennyMac Mortgage closed Friday up 47 cents or 3.5 percent to $13.78. Both companies trade on the New York Stock Exchange.

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