PennyMac Financial Services (NYSE:PFSI) Reaches New 52-Week Low – Here’s What Happened

PennyMac Financial Services, Inc. (NYSE:PFSI) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $69.81 and last traded at $69.8650, with a volume of 10999 shares traded. The stock had previously closed at $70.91.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of PennyMac Financial Services in a report on Monday, August 3rd. BTIG Research lowered their target price on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Piper Sandler downgraded PennyMac Financial Services from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $106.00 to $86.00 in a research report on Thursday, July 30th. Stephens cut their price target on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $104.88.

PennyMac Financial Services Stock Performance

The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 0.66 and a beta of 1.44. The firm has a 50 day moving average price of $77.95 and a 200-day moving average price of $83.84. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.38 and a quick ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.During the same period last year, the firm earned $2.54 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. As a group, sell-side analysts expect that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.7%. PennyMac Financial Services’s payout ratio is currently 16.48%.

Insider Activity at PennyMac Financial Services

In related news, CAO Gregory Hendry sold 2,943 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $81.71, for a total transaction of $240,472.53. Following the sale, the chief accounting officer directly owned 48,968 shares in the company, valued at approximately $4,001,175.28. This represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 15.20% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

Large investors have recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in shares of PennyMac Financial Services by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust’s stock valued at $2,404,000 after purchasing an additional 875 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PennyMac Financial Services by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust’s stock worth $1,594,000 after purchasing an additional 706 shares in the last quarter. Intech Investment Management LLC increased its holdings in PennyMac Financial Services by 5.8% in the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust’s stock valued at $1,540,000 after buying an additional 840 shares during the last quarter. Strs Ohio purchased a new position in PennyMac Financial Services in the first quarter valued at $30,000. Finally, Prudential Financial Inc. increased its holdings in PennyMac Financial Services by 82.8% in the second quarter. Prudential Financial Inc. now owns 4,084 shares of the real estate investment trust’s stock valued at $413,000 after buying an additional 1,850 shares during the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE:PFSI) is a mortgage banking company that provides a range of residential lending and loan servicing services in the United States. The company operates through its subsidiaries and focuses primarily on the production and servicing of conventional and government-insured residential mortgage loans.

PennyMac’s loan production business acquires, originates and refinances mortgage loans through correspondent, broker-direct and consumer-direct channels.