PennyMac Financial Services (NYSE:PFSI) Share Price Crosses Above 200 Day Moving Average – Here’s Why

PennyMac Financial Services, Inc. (NYSE:PFSI)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $103.35 and traded as high as $108.71. PennyMac Financial Services shares last traded at $107.63, with a volume of 186,653 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler raised their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wedbush restated an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods decreased their price objective on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating for the company in a report on Tuesday, December 10th. Barclays lifted their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company raised their price target on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $122.50.

PennyMac Financial Services Stock Up 0.9 %

The firm has a fifty day moving average of $103.35 and a 200-day moving average of $103.35. 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 firm has a market cap of $5.52 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 0.18 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. During the same period in the prior year, the business posted $1.77 earnings per share. PennyMac Financial Services’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that PennyMac Financial Services, Inc. will post 11.76 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.11%. PennyMac Financial Services’s dividend payout ratio is presently 38.10%.

Insider Activity at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $100.02, for a total transaction of $1,050,210.00. Following the completion of the sale, the chief financial officer now owns 225,497 shares in the company, valued at $22,554,209.94. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total value of $1,050,400.00. Following the transaction, the chief executive officer now owns 180,604 shares in the company, valued at approximately $18,970,644.16. This trade represents a 5.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,844 shares of company stock worth $15,079,791. Insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services during the third quarter worth $37,000. Blue Trust Inc. raised its stake in PennyMac Financial Services by 59.5% in the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 262 shares in the last quarter. KBC Group NV raised its stake in PennyMac Financial Services by 20.3% in the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 226 shares in the last quarter. Quantbot Technologies LP boosted its holdings in PennyMac Financial Services by 23.7% in the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after purchasing an additional 290 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of PennyMac Financial Services during the third quarter worth approximately $203,000. 57.87% of the stock is owned by institutional investors and hedge funds.

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.