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PennyMac Q4 Net Income Rises, Revenue Nearly Triples on Strong Mortgage Demand; Dividend Increased

· 02/05/2021 06:42

11:29 AM EST, 02/05/2021 (MT Newswires) -- PennyMac Financial (PFSI) reported Q4 net income late Thursday of $5.97 per diluted share, up from $1.88 a year ago. Analysts polled by Capital IQ expected $5.92.

Revenue for the quarter ended Dec. 31 nearly tripled for the Westlake, Calif.-based mortgage lender and servicer company to $1.04 billion from $490.4 million a year ago, on strong mortgage demand. Analysts polled by Capital IQ expected $1.05 billion.

PennyMac's board set a quarterly dividend of $0.20 a share, a 33% increase from the prior payout. The dividend will be payable on Feb. 25 to shareholders of record as of Feb. 12.

The board also doubled its stock buyback authorization to $1 billion. The company reported repurchasing 1.1 million shares at an approximate cost of $66 million since the end of the most recent quarter.

Shares of the company were down 0.7% in recent Friday trading.

Price: 63.22, Change: -0.93, Percent Change: -1.45