PennyMac Financial Services (NYSE:PFSI) Hits New 1-Year High at $118.76

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI) hit a new 52-week high on Wednesday . The stock traded as high as $118.76 and last traded at $117.48, with a volume of 151325 shares trading hands. The stock had previously closed at $116.56.

Wall Street Analysts Forecast Growth

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

PennyMac Financial Services Stock Performance

The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of 40.36, a P/E/G ratio of 0.72 and a beta of 1.77. The company has a 50 day moving average price of $101.80 and a 200 day moving average price of $94.23. 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 announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) 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 the consensus estimate of $469.64 million. During the same quarter in the previous year, the company posted $1.11 EPS. The firm’s revenue was up 20.7% on a year-over-year basis. Equities research analysts predict that PennyMac Financial Services, Inc. will post 10.61 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.30 per share. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.03%. PennyMac Financial Services’s dividend payout ratio is presently 41.67%.

Insider Buying and Selling at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 11,396 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total value of $1,115,896.32. Following the sale, the director now owns 105,446 shares in the company, valued at approximately $10,325,272.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph F. Mazzella sold 11,396 shares of PennyMac Financial Services stock in a transaction that occurred 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 transaction, the director now owns 105,446 shares of the company’s stock, valued at $10,325,272.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anne Mccallion sold 23,829 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the sale, the director now owns 1,854 shares of the company’s stock, valued at approximately $191,221.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,225 shares of company stock valued at $5,487,319. Corporate insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in PFSI. Quadrature Capital Ltd purchased a new stake in shares of PennyMac Financial Services during the 4th quarter valued at $967,000. UBS Group AG increased its holdings in PennyMac Financial Services by 40.6% in the 4th quarter. UBS Group AG now owns 82,027 shares of the real estate investment trust’s stock worth $7,249,000 after acquiring an additional 23,696 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its stake in PennyMac Financial Services by 165.0% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 24,753 shares of the real estate investment trust’s stock valued at $2,187,000 after acquiring an additional 15,412 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in PennyMac Financial Services in the 4th quarter valued at about $1,019,000. Finally, Denali Advisors LLC lifted its holdings in PennyMac Financial Services by 179.2% during the first quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock valued at $3,789,000 after purchasing an additional 26,700 shares during the last quarter. Hedge funds and other institutional investors 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.