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

PennyMac Financial Services, Inc. (NYSE:PFSI) reached a new 52-week high on Thursday . The stock 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.

Wall Street Analyst Weigh In

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

PennyMac Financial Services Stock Up 3.7 %

The firm has a market capitalization of $5.90 billion, a PE ratio of 40.01, a PEG ratio of 0.70 and a beta of 1.77. The company has a fifty day simple moving average of $100.79 and a two-hundred day simple moving average of $93.66. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The firm had revenue of $406.13 million during the quarter, compared to analysts’ expectations of $469.64 million. During the same quarter in the prior year, the company posted $1.11 earnings per share. PennyMac Financial Services’s quarterly revenue was up 20.7% compared to the same quarter last year. Analysts forecast that PennyMac Financial Services, Inc. will post 10.54 EPS for the current fiscal year.

PennyMac Financial Services Increases Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 1.04%. This is a boost from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is currently 41.67%.

Insiders Place Their Bets

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 completion of the sale, the chief executive officer now directly owns 220,604 shares in the company, valued at approximately $20,308,804.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Joseph F. Mazzella sold 11,396 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the sale, the director now directly owns 105,446 shares in the company, valued at approximately $10,325,272.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $920,600.00. Following the sale, the chief executive officer now owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,225 shares of company stock worth $5,487,319. 16.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in PennyMac Financial Services by 0.3% in the first quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after acquiring an additional 8,345 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in PennyMac Financial Services by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust’s stock worth $35,060,000 after acquiring an additional 3,947 shares in the last quarter. Norges Bank acquired a new stake in PennyMac Financial Services in the fourth quarter worth about $31,258,000. American Century Companies Inc. boosted its holdings in PennyMac Financial Services by 13.2% in the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after acquiring an additional 40,676 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in PennyMac Financial Services by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after acquiring an additional 4,930 shares in the last quarter. 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.