PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,220,000 shares, a decline of 14.7% from the March 15th total of 1,430,000 shares. Currently, 2.5% of the company's stock are sold short. Based on an average daily trading volume, of 377,500 shares, the days-to-cover ratio is currently 3.2 days.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on PFSI shares. UBS Group reduced their target price on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday. Piper Sandler dropped their target price on PennyMac Financial Services from $130.00 to $128.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price target for the company in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $119.86.
Check Out Our Latest Stock Report on PFSI
PennyMac Financial Services Stock Performance
Shares of NYSE:PFSI traded down $0.84 during trading on Friday, hitting $94.27. 45,525 shares of the stock traded hands, compared to its average volume of 307,175. The company has a quick ratio of 0.38, a current ratio of 0.26 and a debt-to-equity ratio of 3.22. The company has a fifty day moving average price of $98.86 and a two-hundred day moving average price of $102.39. PennyMac Financial Services has a 52-week low of $83.03 and a 52-week high of $119.13. The company has a market cap of $4.85 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 0.19 and a beta of 1.73.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. The firm had revenue of $430.90 million during the quarter, compared to analysts' expectations of $520.42 million. During the same period in the previous year, the firm posted $0.74 EPS. As a group, equities analysts predict that PennyMac Financial Services will post 13.77 EPS for the current year.
PennyMac Financial Services Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Wednesday, May 14th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.27%. PennyMac Financial Services's payout ratio is 20.55%.
Insider Buying and Selling
In related news, insider James Follette sold 1,983 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $99.93, for a total value of $198,161.19. Following the completion of the sale, the insider now directly owns 10,497 shares in the company, valued at $1,048,965.21. This trade represents a 15.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Spector sold 6,839 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $102.12, for a total transaction of $698,398.68. Following the sale, the chief executive officer now directly owns 635,554 shares in the company, valued at approximately $64,902,774.48. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,464 shares of company stock worth $4,540,867 in the last ninety days. 16.60% of the stock is owned by insiders.
Institutional Trading of PennyMac Financial Services
Several institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in PennyMac Financial Services during the fourth quarter valued at $38,004,000. Millennium Management LLC raised its position in shares of PennyMac Financial Services by 104.5% during the 4th quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock worth $52,967,000 after purchasing an additional 264,956 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PennyMac Financial Services by 7.4% during the 4th quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock worth $294,835,000 after purchasing an additional 199,667 shares during the last quarter. Boston Partners lifted its stake in PennyMac Financial Services by 50.1% in the 4th quarter. Boston Partners now owns 497,080 shares of the real estate investment trust's stock valued at $51,313,000 after buying an additional 165,997 shares in the last quarter. Finally, FMR LLC boosted its holdings in PennyMac Financial Services by 11.9% in the 4th quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust's stock worth $133,380,000 after buying an additional 138,853 shares during the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.
PennyMac Financial Services Company Profile
(
Get Free Report)
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.
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