PennyMac Financial Services (NYSE:PFSI) Stock Price Down 3.2%

PennyMac Financial Services, Inc. (NYSE:PFSI)’s share price dropped 3.2% during mid-day trading on Tuesday . The stock traded as low as $60.40 and last traded at $60.94. Approximately 9,170 shares changed hands during trading, a decline of 99% from the average daily volume of 980,657 shares. The stock had previously closed at $62.97.

PFSI has been the subject of several recent research reports. Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 target price (down previously from $75.00) on shares of PennyMac Financial Services in a report on Thursday, March 25th. Zacks Investment Research cut shares of PennyMac Financial Services from a “strong-buy” rating to a “hold” rating in a report on Thursday. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $77.00 to $73.00 in a report on Tuesday. Credit Suisse Group lifted their price objective on shares of PennyMac Financial Services from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, February 8th. Finally, Piper Sandler lifted their price objective on shares of PennyMac Financial Services from $90.00 to $109.00 and gave the company an “overweight” rating in a report on Friday, February 5th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. PennyMac Financial Services presently has an average rating of “Buy” and a consensus target price of $82.38.

The company’s 50-day moving average price is $63.45 and its 200-day moving average price is $60.62. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 3.53 and a beta of 1.22. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 2.76.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, February 4th. The real estate investment trust reported $5.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.92 by $0.05. PennyMac Financial Services had a net margin of 42.70% and a return on equity of 54.29%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.06 billion. Analysts predict that PennyMac Financial Services, Inc. will post 20.98 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 25th. Stockholders of record on Friday, February 12th were given a $0.20 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.33%. PennyMac Financial Services’s dividend payout ratio (DPR) is 16.36%.

In related news, insider David M. Walker sold 10,000 shares of the business’s stock in a transaction dated Wednesday, February 17th. The shares were sold at an average price of $65.88, for a total transaction of $658,800.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Spector sold 15,000 shares of the business’s stock in a transaction dated Monday, January 11th. The stock was sold at an average price of $57.25, for a total transaction of $858,750.00. The disclosure for this sale can be found here. In the last quarter, insiders bought 1,166,474 shares of company stock worth $72,939,758 and sold 253,929 shares worth $15,883,193. 21.48% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in PennyMac Financial Services by 28.3% during the fourth quarter. BlackRock Inc. now owns 3,726,371 shares of the real estate investment trust’s stock worth $244,523,000 after acquiring an additional 822,242 shares during the last quarter. Senvest Management LLC boosted its holdings in PennyMac Financial Services by 130.7% in the 4th quarter. Senvest Management LLC now owns 1,341,040 shares of the real estate investment trust’s stock valued at $87,999,000 after purchasing an additional 759,697 shares during the last quarter. Morgan Stanley boosted its holdings in PennyMac Financial Services by 53.5% in the 4th quarter. Morgan Stanley now owns 551,157 shares of the real estate investment trust’s stock valued at $36,166,000 after purchasing an additional 192,089 shares during the last quarter. Norges Bank acquired a new position in PennyMac Financial Services in the 4th quarter valued at about $29,185,000. Finally, Alliancebernstein L.P. boosted its holdings in PennyMac Financial Services by 8.9% in the 4th quarter. Alliancebernstein L.P. now owns 403,385 shares of the real estate investment trust’s stock valued at $26,470,000 after purchasing an additional 33,063 shares during the last quarter. Hedge funds and other institutional investors own 51.72% of the company’s stock.

PennyMac Financial Services Company Profile (NYSE:PFSI)

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.

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