WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $352.7 million for the second quarter of 2020, or $4.39 per share on a diluted basis, on revenue of $821.6 million. Book value per share increased to $34.26 from $29.85 at March 31, 2020.
PFSI’s Board of Directors declared a second quarter cash dividend of $0.15 per share, a 25 percent increase from the prior quarter, payable on August 28, 2020, to common stockholders of record as of August 17, 2020.
Second Quarter 2020 Highlights
Pretax income was $480.4 million, up 16 percent from the prior quarter and 382 percent from the second quarter of 2019
- Record earnings driven by core production and servicing results partially offset by fair value losses on mortgage servicing rights (MSRs) and associated hedging and other losses
- In June, repurchased approximately 7 million shares of PFSI’s common stock (approximately