PennyMac Financial Services, Inc. (NYSE:PFSI – Get Free Report) dropped 3.6% during trading on Thursday . The company traded as low as $98.25 and last traded at $98.44. Approximately 118,976 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 257,161 shares. The stock had previously closed at $102.14.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on PFSI. Piper Sandler raised their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Barclays lifted their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods dropped their price target on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company lifted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.50.
PennyMac Financial Services Stock Performance
The stock’s 50-day moving average price is $103.48 and its 200 day moving average price is $102.71. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. The company has a market cap of $5.12 billion, a P/E ratio of 31.70 and a beta of 1.78.
PennyMac Financial Services (NYSE:PFSI – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The firm had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. During the same quarter last year, the business earned $1.77 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, research analysts expect that PennyMac Financial Services, Inc. will post 11.88 EPS for the current fiscal year.
PennyMac Financial Services Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. PennyMac Financial Services’s dividend payout ratio is 38.10%.
Insider Transactions at PennyMac Financial Services
In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $100.02, for a total value of $1,050,210.00. Following the completion of the transaction, the chief financial officer now directly owns 225,497 shares in the company, valued at approximately $22,554,209.94. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Doug Jones sold 600 shares of PennyMac Financial Services stock in a transaction on Friday, December 20th. The stock was sold at an average price of $102.04, for a total transaction of $61,224.00. Following the sale, the director now owns 23,892 shares in the company, valued at $2,437,939.68. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,844 shares of company stock worth $15,658,591. Insiders own 16.60% of the company’s stock.
Hedge Funds Weigh In On PennyMac Financial Services
Hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. bought a new position in PennyMac Financial Services during the 3rd quarter valued at about $37,000. Blue Trust Inc. grew its stake in PennyMac Financial Services by 59.5% during the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 262 shares during the last quarter. KBC Group NV increased its holdings in shares of PennyMac Financial Services by 20.3% during the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after buying an additional 226 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 290 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of PennyMac Financial Services in the 3rd quarter worth approximately $203,000. 57.87% of the stock is owned by institutional investors and hedge funds.
PennyMac Financial Services Company Profile
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.