Why Shares of PennyMac Financial Services Popped Today
Shares of the residential mortgage company PennyMac Financial Services (NYSE: PFSI) had jumped more than 17% as of 1:09 p.m. ET on Friday after the company reported better-than-expected third-quarter results.
PennyMac reported diluted earnings per share of $2.46 on total revenue of more than $476 million for the third quarter. Both numbers easily beat analyst estimates.
"Meaningful income contributions from both of our production and servicing segments led to an annualized return on equity of 16% and growth in book value per share, despite mortgage rates climbing to their highest levels in more than a decade," CEO David Spector said in the earnings release.
Source Fool.com
