Financial Services News

PennyMac Financial Services (NYSE:PFSI) Stock Price Passes Below Two Hundred Day Moving Average of $56.36



PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $56.36 and traded as low as $41.47. PennyMac Financial Services shares last traded at $42.25, with a volume of 568,538 shares changing hands.

A number of research analysts have recently weighed in on PFSI shares. JMP Securities lowered their price target on PennyMac Financial Services from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Credit Suisse Group cut their price target on PennyMac Financial Services to $66.00 and set a “neutral” rating for the company in a research note on Thursday, May 19th. Barclays lowered their price target on PennyMac Financial Services from $103.00 to $90.00 in a research note on Monday, May 9th. Piper Sandler cut their price objective on shares of PennyMac Financial Services from $117.00 to $98.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 5th. Finally, BTIG Research initiated coverage on shares of PennyMac Financial Services in a research report on Wednesday, April 20th. They issued a “buy” rating and a $60.00 target price for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.17.

The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 1.63. The business has a 50-day simple moving average of $47.27 and a 200-day simple moving average of $56.36. The stock has a market cap of $2.34 billion, a P/E ratio of 3.39 and a beta of 1.21.

PennyMac Financial Services (NYSE:PFSI – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The real estate investment trust reported $2.94 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.05. PennyMac Financial Services had a net margin of 27.78% and a return on equity of 25.12%. The firm had revenue of $657.50 million during the quarter, compared to the consensus estimate of $622.14 million. During the same period in the prior year, the firm earned $5.15 EPS. The business’s revenue was down 30.4% on a year-over-year basis. On average, analysts predict that PennyMac Financial Services, Inc. will post 6.83 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Tuesday, May 17th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Monday, May 16th. PennyMac Financial Services’s payout ratio is 6.42%.

In related news, insider Doug Jones sold 20,014 shares of the firm’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $46.50, for a total transaction of $930,651.00. Following the completion of the sale, the insider now directly owns 47,349 shares of the company’s stock, valued at approximately $2,201,728.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph F. Mazzella sold 13,000 shares of PennyMac Financial Services stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $50.12, for a total value of $651,560.00. Following the completion of the transaction, the director now owns 351,331 shares of the company’s stock, valued at approximately $17,608,709.72. The disclosure for this sale can be found here. In the last three months, insiders sold 35,514 shares of company stock worth $1,695,111. 18.00% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in PennyMac Financial Services in the 4th quarter worth approximately $58,000. Ensign Peak Advisors Inc bought a new stake in shares of PennyMac Financial Services during the fourth quarter worth $120,000. Canada Pension Plan Investment Board raised its position in shares of PennyMac Financial Services by 19.9% during the first quarter. Canada Pension Plan Investment Board now owns 2,932 shares of the real estate investment trust’s stock worth $156,000 after acquiring an additional 486 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new position in PennyMac Financial Services in the fourth quarter valued at about $164,000. Finally, Advisors Asset Management Inc. bought a new position in PennyMac Financial Services in the first quarter valued at about $168,000. Institutional investors own 62.61% of the company’s stock.

About PennyMac Financial Services (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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