WESTLAKE VILLAGE, Calif. (AP) _ PennyMac Financial Services Inc. (PFSI) on Thursday reported second-quarter net income of $17.8 million.

The Westlake Village, California-based company said it had net income of 70 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The mortgage banking and investment management company posted revenue of $244.3 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $241.5 million.

PennyMac shares have fallen 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.20, a climb of almost 9 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFSI at https://www.zacks.com/ap/PFSI