PennyMac Financial Services (NYSE:PFSI) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

PennyMac Financial Services, Inc. (NYSE:PFSI) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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 traded.

Analysts Set New Price Targets

Several research firms recently issued reports on PFSI. Keefe, Bruyette & Woods reduced their price target on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 10th. Wedbush reissued an “outperform” rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Piper Sandler increased their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Barclays increased their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $122.50.

PennyMac Financial Services Price Performance

The company’s 50 day moving average price is $103.35 and its 200-day moving average price is $103.42. The stock has a market cap of $5.52 billion, a P/E ratio of 34.17, a P/E/G ratio of 0.18 and a beta of 1.78. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75.

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

PennyMac Financial Services Announces Dividend

The firm also recently declared 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. This represents a $1.20 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Monday, November 18th. PennyMac Financial Services’s payout ratio is currently 38.10%.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 61,120 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $101.72, for a total transaction of $6,217,126.40. Following the completion of the sale, the chief executive officer now directly owns 634,612 shares in the company, valued at $64,552,732.64. This represents a 8.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Doug Jones sold 600 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $102.04, for a total transaction of $61,224.00. Following the sale, the director now owns 23,892 shares of the company’s stock, valued at approximately $2,437,939.68. This trade represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 147,844 shares of company stock worth $15,079,791 over the last three months. 16.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PennyMac Financial Services

A number of large investors have recently bought and sold shares of the stock. Dakota Wealth Management grew its holdings in PennyMac Financial Services by 2.6% in the fourth quarter. Dakota Wealth Management now owns 14,578 shares of the real estate investment trust’s stock worth $1,489,000 after purchasing an additional 374 shares during the period. Assenagon Asset Management S.A. grew its holdings in PennyMac Financial Services by 27.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 27,206 shares of the real estate investment trust’s stock worth $2,779,000 after purchasing an additional 5,833 shares during the period. JPMorgan Chase & Co. grew its holdings in PennyMac Financial Services by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust’s stock worth $108,809,000 after purchasing an additional 21,751 shares during the period. Tidal Investments LLC grew its holdings in PennyMac Financial Services by 115.3% in the third quarter. Tidal Investments LLC now owns 15,086 shares of the real estate investment trust’s stock worth $1,719,000 after purchasing an additional 8,078 shares during the period. Finally, Hohimer Wealth Management LLC acquired a new stake in PennyMac Financial Services in the third quarter worth $236,000. 57.87% of the stock is currently 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.