PennyMac Financial Services (NYSE:PFSI) Reaches New 12-Month High – Here’s What Happened

PennyMac Financial Services, Inc. (NYSE:PFSI) hit a new 52-week high on Thursday . The company traded as high as $149.17 and last traded at $149.42, with a volume of 7042 shares. The stock had previously closed at $147.37.

Analyst Ratings Changes

A number of brokerages recently weighed in on PFSI. BTIG Research raised their price target on shares of PennyMac Financial Services from $135.00 to $150.00 and gave the company a “buy” rating in a report on Monday, December 29th. Barclays increased their price objective on PennyMac Financial Services from $139.00 to $158.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods boosted their target price on PennyMac Financial Services from $138.00 to $143.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Wall Street Zen upgraded PennyMac Financial Services from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Finally, Wells Fargo & Company lifted their price objective on PennyMac Financial Services from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.43.

PennyMac Financial Services Trading Up 3.4%

The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $7.92 billion, a P/E ratio of 16.42, a PEG ratio of 0.66 and a beta of 1.57. The business has a 50 day moving average price of $132.29 and a 200 day moving average price of $119.25.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.39. The business had revenue of $632.90 million for the quarter, compared to analyst estimates of $573.46 million. PennyMac Financial Services had a net margin of 25.21% and a return on equity of 11.69%. PennyMac Financial Services’s quarterly revenue was up 53.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 EPS. Analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, November 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 12.93%.

Insiders Place Their Bets

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 3,530 shares of the business’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $131.64, for a total value of $464,689.20. Following the completion of the transaction, the chief accounting officer directly owned 48,633 shares of the company’s stock, valued at approximately $6,402,048.12. The trade was a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anne Mccallion sold 27,771 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $131.55, for a total value of $3,653,275.05. Following the completion of the sale, the director owned 1,547 shares of the company’s stock, valued at $203,507.85. This trade represents a 94.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 218,129 shares of company stock worth $28,409,467 over the last 90 days. 15.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently modified their holdings of PFSI. SG Americas Securities LLC increased its stake in PennyMac Financial Services by 110.3% during the 4th quarter. SG Americas Securities LLC now owns 7,602 shares of the real estate investment trust’s stock worth $1,002,000 after purchasing an additional 3,988 shares in the last quarter. GAMMA Investing LLC lifted its stake in PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 142 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of PennyMac Financial Services in the third quarter valued at approximately $5,593,000. Goldentree Asset Management LP increased its position in shares of PennyMac Financial Services by 0.8% during the third quarter. Goldentree Asset Management LP now owns 296,441 shares of the real estate investment trust’s stock worth $36,649,000 after acquiring an additional 2,242 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of PennyMac Financial Services during the third quarter worth $78,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.