PennyMac Financial Services (NYSE:PFSI) Hits New 52-Week High at $109.64

PennyMac Financial Services, Inc. (NYSE:PFSI)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $109.64 and last traded at $109.64, with a volume of 23145 shares changing hands. The stock had previously closed at $107.28.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wedbush boosted their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research note on Monday, July 22nd. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler boosted their price objective on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $107.17.

PennyMac Financial Services Stock Up 3.8 %

The business’s fifty day moving average price is $99.99 and its 200 day moving average price is $93.33. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 0.69 and a beta of 1.77. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The company had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. During the same period in the previous year, the firm posted $1.11 EPS. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities analysts expect that PennyMac Financial Services, Inc. will post 10.54 EPS for the current year.

PennyMac Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend was Tuesday, August 13th. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s payout ratio is currently 41.67%.

Insider Transactions at PennyMac Financial Services

In related news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total transaction of $920,600.00. Following the transaction, the chief executive officer now owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Joseph F. Mazzella sold 11,396 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total value of $1,115,896.32. Following the completion of the transaction, the director now owns 105,446 shares in the company, valued at $10,325,272.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the transaction, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at approximately $20,308,804.24. The disclosure for this sale can be found here. In the last three months, insiders sold 55,225 shares of company stock valued at $5,487,319. Corporate insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in PennyMac Financial Services by 1,529.6% during the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 413 shares during the period. Hexagon Capital Partners LLC grew its position in PennyMac Financial Services by 29.6% during the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 109 shares during the period. TFO Wealth Partners LLC increased its stake in PennyMac Financial Services by 16,300.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $101,000 after acquiring an additional 1,141 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of PennyMac Financial Services in the 1st quarter worth about $202,000. Finally, Navellier & Associates Inc. purchased a new stake in shares of PennyMac Financial Services during the 4th quarter worth about $221,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

About PennyMac Financial Services

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