NYSE$PFSI
PennyMac Financial Services Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
PennyMac Financial demonstrated strong performance in Q3 2023, driven by its balanced business model and growth in the servicing segment.
PennyMac Financial Services reported a net income of $92.9 million, or $1.77 per share, on revenue of $400.3 million. The company's book value per share increased to $71.56. The servicing portfolio grew, approaching $600 billion in unpaid principal balance.
- Returned to a double-digit annualized return on equity.
- Demonstrated the earnings power of balanced business model.
- Servicing portfolio provides strong profitability with operational efficiency and scale.
- Continued gaining market share driven by superior execution in correspondent channel and growth in broker-direct lending.
Headline financials
Revenue & EPS history
PennyMac · Revenue · Quarterly
$12.6M
Revenue by segment
PennyMac · $392M total across 2 segments · Q3 2023
- Servicing Segment$217M-18.5%55.5%
- Production Segment$174M-12.6%44.5%
Forward guidance
Management expects interest rates to stay higher for longer, which should benefit the servicing portfolio's profitability due to operational efficiency and scale. They anticipate generating increasingly stronger returns over time.
Tailwinds
- Anticipates continued growth in the servicing portfolio.
- Expects the servicing portfolio to provide strong profitability.
- Believes operational efficiency and scale will drive returns.
- Aims to generate increasingly stronger returns over time.
- Expects strength in production to drive growth.
Headwinds
- Anticipates challenging mortgage landscape.
- Expects interest rates to stay higher for longer.
- Faces potential impacts from interest rate changes.
- Exposed to risks in real estate market conditions.
- Subject to continually changing regulations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.6%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.7%
Avg return
30 days after
44%
23 / 52 earnings
Positive
+19.8%
Q2 2016
Best reaction
-33.2%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.5% | +0.8% | -7.3% | |
| Q4 2025 | -33.2% | -35.8% | -38.6% | |
| Q3 2025 | +6.3% | +10.0% | +4.4% | |
| Q2 2025 | -1.3% | -2.9% | +14.9% | |
| Q1 2025 | -2.7% | -1.7% | -1.8% | |
| Q4 2024 | -8.8% | -8.3% | -9.7% | |
| Q3 2024 | -4.7% | -3.9% | -0.9% | |
| Q2 2024 | -2.7% | +0.7% | +0.3% | |
| Q1 2024 | -7.1% | -5.8% | -1.6% | |
| Q4 2023 | +6.9% | +2.9% | -2.1% | |
| Q3 2023 | +10.4% | +6.7% | +22.7% | |
| Q2 2023 | -6.9% | -8.5% | -15.6% | |
| Q1 2023 | -2.4% | -6.5% | -5.6% | |
| Q4 2022 | -3.9% | -3.9% | -8.7% | |
| Q3 2022 | +16.9% | +11.0% | +22.4% | |
| Q2 2022 | +4.1% | +1.0% | -6.1% | |
| Q1 2022 | -4.7% | -8.2% | -3.9% | |
| Q4 2021 | -0.8% | +2.1% | -0.9% | |
| Q3 2021 | +3.0% | +2.4% | +4.3% | |
| Q2 2021 | +10.9% | +7.6% | +5.3% | |
| Q1 2021 | -5.0% | -3.3% | +1.4% | |
| Q4 2020 | +2.8% | -1.0% | -1.8% | |
| Q3 2020 | -1.2% | -0.5% | +5.7% | |
| Q2 2020 | +3.1% | +4.6% | +1.1% | |
| Q1 2020 | +8.1% | +1.9% | +26.0% | |
| Q4 2019 | +8.1% | +5.0% | +4.0% | |
| Q3 2019 | -1.2% | -2.8% | +9.3% | |
| Q2 2019 | +5.3% | +8.7% | +23.2% | |
| Q1 2019 | +5.6% | +5.7% | -4.0% | |
| Q4 2018 | +4.8% | +4.5% | +6.4% | |
| Q3 2018 | -0.4% | +4.1% | +2.6% | |
| Q2 2018 | +14.6% | +11.2% | +10.4% | |
| Q1 2018 | -6.7% | -2.6% | -5.2% | |
| Q4 2017 | +1.2% | +3.2% | +12.4% | |
| Q3 2017 | -0.3% | +0.3% | +14.2% | |
| Q2 2017 | -3.7% | -2.0% | -3.4% | |
| Q1 2017 | -6.7% | -5.5% | -3.8% | |
| Q4 2016 | +10.6% | +11.8% | +5.0% | |
| Q3 2016 | +4.7% | +5.6% | +4.4% | |
| Q2 2016 | +19.8% | +20.8% | +28.5% | |
| Q1 2016 | -5.1% | — | — | |
| Q4 2015 | -3.8% | — | — | |
| Q3 2015 | -1.0% | — | — | |
| Q2 2015 | -3.1% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | -4.3% | — | — | |
| Q3 2014 | -3.3% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | +8.6% | — | — | |
| Q4 2013 | -0.7% | — | — | |
| Q3 2013 | -1.7% | — | — | |
| Q2 2013 | -0.2% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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