PennyMac Financial Services (NYSE:PFSI) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-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 changing hands.

Analyst Upgrades and Downgrades

PFSI has been the subject of a number of research analyst reports. Piper Sandler lifted their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Barclays upped their target price 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. Wedbush reiterated an "outperform" rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their price objective on PennyMac Financial Services from $110.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reduced their target price on PennyMac Financial Services from $112.00 to $111.00 and set a "market perform" rating on the stock in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $122.50.

PennyMac Financial Services Trading Up 0.9 %

The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. The firm's 50 day moving average is $103.35 and its two-hundred day moving average is $103.35. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 34.17, a price-to-earnings-growth ratio of 0.18 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The company had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. During the same quarter in the previous year, the company posted $1.77 earnings per share. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities analysts anticipate that PennyMac Financial Services, Inc. will post 11.76 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Monday, November 18th. PennyMac Financial Services's payout ratio is 38.10%.

Insider Activity

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $100.02, for a total transaction of $1,050,210.00. Following the sale, the chief financial officer now directly owns 225,497 shares in the company, valued at $22,554,209.94. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Spector sold 10,000 shares of the company's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the completion of the sale, the chief executive officer now directly owns 180,604 shares of the company's stock, valued at $18,970,644.16. The trade was a 5.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,844 shares of company stock valued at $15,079,791. 16.60% of the stock is currently owned by company insiders.

Institutional Trading of PennyMac Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in PFSI. Harbor Capital Advisors Inc. bought a new stake in shares of PennyMac Financial Services in the 3rd quarter worth $37,000. Blue Trust Inc. raised its position in PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 262 shares in the last quarter. KBC Group NV lifted its holdings in PennyMac Financial Services by 20.3% in the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust's stock valued at $153,000 after acquiring an additional 226 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of PennyMac Financial Services by 23.7% during the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust's stock valued at $173,000 after purchasing an additional 290 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of PennyMac Financial Services in the 3rd quarter worth approximately $203,000. 57.87% of the stock is currently owned by institutional investors.

PennyMac Financial Services Company Profile

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.