PennyMac Performance Disappoints

PennyMac Financial Services Inc., the non-bank mortgage lender in Westlake Village, disappointed Wall Street Thursday. The company said its achieved net income of $51 million (44 cents a share) for the second quarter, a drop from $74.3 million (65 cents a share) for the same, year-ago period. That fell short of analysts’ estimates of 67 cents a share, according to Thomson Financial Network. PennyMac’s quarterly revenue was $202 million, also down from the $208 million from a year ago. Analysts expected nearly $227 million in revenue. Shares of PennyMac (PFSI) closed down 5 cents, or about 3 percent, to $17.60 on the New York Stock Exchange.