PennyMac Financial Services (NYSE:PFSI) Hits New 12-Month High at $108.68

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $108.68 and last traded at $108.15, with a volume of 1710 shares. The stock had previously closed at $107.37.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PFSI. StockNews.com cut shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research note on Wednesday, July 3rd. Piper Sandler upped their price target on PennyMac Financial Services from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods cut PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 target price on the stock. in a report on Monday, July 22nd. Finally, Wedbush upped their target price on PennyMac Financial Services from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, July 24th. One 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's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $107.17.

PennyMac Financial Services Price Performance

The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 37.55, a price-to-earnings-growth ratio of 0.70 and a beta of 1.77. The stock has a fifty day simple moving average of $98.89 and a 200-day simple moving average of $92.74. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The company had revenue of $406.13 million for the quarter, compared to analyst estimates of $469.64 million. During the same quarter in the previous year, the company earned $1.11 earnings per share. PennyMac Financial Services's revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, equities research analysts expect that PennyMac Financial Services, Inc. will post 10.54 EPS for the current year.

PennyMac Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were given a $0.30 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.11%. This is an increase from PennyMac Financial Services's previous quarterly dividend of $0.20. PennyMac Financial Services's dividend payout ratio (DPR) is currently 41.67%.

Insider Activity

In other news, Director Anne Mccallion sold 23,829 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the transaction, the director now owns 1,854 shares in the company, valued at approximately $191,221.56. The sale was disclosed in a filing with the SEC, which is available at this link. In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 11,396 shares of PennyMac Financial Services 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 transaction, the director now directly owns 105,446 shares of the company's stock, valued at $10,325,272.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anne Mccallion sold 23,829 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the completion of the sale, the director now directly owns 1,854 shares in the company, valued at approximately $191,221.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,225 shares of company stock worth $5,487,319. Company insiders own 16.60% of the company's stock.

Institutional Trading of PennyMac Financial Services

Hedge funds have recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of PennyMac Financial Services in the fourth quarter valued at about $25,000. Blue Trust Inc. grew its stake in shares of PennyMac Financial Services by 1,529.6% during the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust's stock valued at $40,000 after purchasing an additional 413 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of PennyMac Financial Services by 29.6% in the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust's stock valued at $45,000 after purchasing an additional 109 shares in the last quarter. TFO Wealth Partners LLC raised its position in PennyMac Financial Services by 16,300.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust's stock worth $101,000 after purchasing an additional 1,141 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in PennyMac Financial Services during the 1st quarter worth $202,000. 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.