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Brian Fiorino

Managing Director and Senior Equity Research Analyst at Wedbush Securities Inc.

Brian Fiorino is a Managing Director and Senior Equity Research Analyst at Wedbush Securities, specializing in the coverage of media, entertainment, and leisure sectors. He tracks companies such as Disney, Netflix, and Warner Bros. Discovery, offering investment calls that have achieved above-market accuracy; his analyst performance metrics include a success rate of approximately 60% and average returns in the double digits according to rankings on leading analyst platforms. Fiorino began his career as an equity analyst in the mid-2000s and previously worked at Jefferies & Company before joining Wedbush Securities in 2018. He holds FINRA registrations including Series 7, 63, and 86/87, and is recognized for his detailed insights and actionable stock recommendations in the consumer sectors.

Brian Fiorino's questions to PennyMac Financial Services (PFSI) leadership

Question · Q3 2024

Brian Fiorino asked for a view on custodial balance earnings and how a potential decline in short-term rates could impact servicing profitability and overall ROE expectations for next year.

Answer

Daniel Perotti (executive) explained that while a decline in short-term rates would reduce earnings on custodial balances, the impact would be largely offset. He cited two offsetting factors: lower interest expense on the company's floating-rate debt and a corresponding reduction in the amortization charge within the 'realization of servicing cash flows' line item.

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