PennyMac Financial Services (NYSE:PFSI) Stock Price Passes Below 200-Day Moving Average of $56.36

Posted by on Jun 23rd, 2022

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $56.36 and traded as low as $41.47. PennyMac Financial Services shares last traded at $42.25, with a volume of 568,538 shares trading hands.

PFSI has been the subject of several analyst reports. JMP Securities dropped their target price on PennyMac Financial Services from $75.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. BTIG Research started coverage on shares of PennyMac Financial Services in a research report on Wednesday, April 20th. They set a “buy” rating and a $60.00 price objective for the company. Credit Suisse Group reduced their target price on shares of PennyMac Financial Services to $66.00 and set a “neutral” rating on the stock in a research note on Thursday, May 19th. Piper Sandler dropped their price target on shares of PennyMac Financial Services from $117.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Finally, Barclays reduced their price target on shares of PennyMac Financial Services from $103.00 to $90.00 in a research report on Monday, May 9th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.17.

The firm’s fifty day simple moving average is $47.27 and its 200 day simple moving average is $56.36. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 1.63. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 3.39 and a beta of 1.21.

PennyMac Financial Services (NYSE:PFSI – Get Rating) last issued its earnings results on Thursday, May 5th. The real estate investment trust reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.05. PennyMac Financial Services had a net margin of 27.78% and a return on equity of 25.12%. The business had revenue of $657.50 million during the quarter, compared to analysts’ expectations of $622.14 million. During the same quarter in the prior year, the business posted $5.15 EPS. The company’s revenue for the quarter was down 30.4% on a year-over-year basis. As a group, sell-side analysts expect that PennyMac Financial Services, Inc. will post 6.83 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Tuesday, May 17th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Monday, May 16th. PennyMac Financial Services’s payout ratio is currently 6.42%.

In other PennyMac Financial Services news, insider Doug Jones sold 20,014 shares of the business’s stock in a transaction on Friday, April 8th. The shares were sold at an average price of $46.50, for a total transaction of $930,651.00. Following the sale, the insider now directly owns 47,349 shares in the company, valued at approximately $2,201,728.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Vandad Fartaj sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $45.16, for a total transaction of $112,900.00. Following the completion of the sale, the executive now owns 108,634 shares of the company’s stock, valued at approximately $4,905,911.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,514 shares of company stock worth $1,695,111. Insiders own 18.00% of the company’s stock.

Several large investors have recently bought and sold shares of PFSI. Point72 Hong Kong Ltd acquired a new position in shares of PennyMac Financial Services during the 4th quarter valued at about $58,000. Ensign Peak Advisors Inc purchased a new position in shares of PennyMac Financial Services in the 4th quarter worth $120,000. Robeco Institutional Asset Management B.V. acquired a new position in PennyMac Financial Services in the fourth quarter valued at $164,000. IFP Advisors Inc raised its holdings in shares of PennyMac Financial Services by 18.2% in the 4th quarter. IFP Advisors Inc now owns 2,840 shares of the real estate investment trust’s stock worth $200,000 after purchasing an additional 438 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in PennyMac Financial Services by 19.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,932 shares of the real estate investment trust’s stock worth $156,000 after purchasing an additional 486 shares in the last quarter. 62.61% of the stock is owned by institutional investors and hedge funds.

About PennyMac Financial Services (NYSE:PFSI)

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.

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