PFSI - PennyMac Financial Services Set For Another Year Of Exceptional Earnings Before Normalization

• Refinance volume will likely trend downwards towards a normal level through 2022 due to stable interest rates.
• Recent team expansion will likely support revenues. However, the expansion will also lead to higher expenses.
• PFSI’s earnings will likely decline in 2021 but remain above normal due to a gradual decline in refinance volume.
• The target price for 2021 is above PFSI’s current marketprice, which in turn is above the target price for 2022.

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