PennyMac Financial Services (NYSE:PFSI) Sets New 52-Week Low – Here’s Why

PennyMac Financial Services, Inc. (NYSE:PFSI)’s stock price reached a new 52-week low during trading on Wednesday. The company traded as low as $60.64 and last traded at $60.4830, with a volume of 74333 shares changing hands. The stock had previously closed at $62.76.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company dropped their price objective on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Piper Sandler lowered shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $106.00 to $86.00 in a report on Thursday, July 30th. Stephens reduced their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th. BTIG Research dropped their target price on shares of PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Barclays reduced their price target on shares of PennyMac Financial Services from $85.00 to $71.00 and set an “equal weight” rating on the stock in a report on Monday. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, PennyMac Financial Services has a consensus rating of “Hold” and an average price target of $103.12.

PennyMac Financial Services Stock Down 2.9%

The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market capitalization of $3.16 billion, a PE ratio of 8.36, a PEG ratio of 0.59 and a beta of 1.45. The company has a fifty day moving average price of $71.62 and a 200-day moving average price of $80.96.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. The business had revenue of $496.96 million during the quarter, compared to analysts’ expectations of $571.60 million. During the same period last year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, analysts expect that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were issued a $0.30 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. PennyMac Financial Services’s payout ratio is 16.48%.

Institutional Trading of PennyMac Financial Services

Several hedge funds and other institutional investors have recently bought and sold shares of PFSI. Versant Capital Management Inc bought a new stake in PennyMac Financial Services in the third quarter worth $71,000. QRG Capital Management Inc. increased its position in PennyMac Financial Services by 7.5% during the second quarter. QRG Capital Management Inc. now owns 3,881 shares of the real estate investment trust’s stock valued at $338,000 after acquiring an additional 271 shares during the last quarter. BlueCrest Capital Management Ltd raised its stake in shares of PennyMac Financial Services by 12.8% in the second quarter. BlueCrest Capital Management Ltd now owns 396,103 shares of the real estate investment trust’s stock valued at $34,501,000 after acquiring an additional 45,008 shares during the period. Nykredit A S purchased a new stake in shares of PennyMac Financial Services in the second quarter valued at $195,000. Finally, Corient Private Wealth LP lifted its holdings in shares of PennyMac Financial Services by 1,030.8% in the 2nd quarter. Corient Private Wealth LP now owns 26,653 shares of the real estate investment trust’s stock worth $2,321,000 after acquiring an additional 24,296 shares during the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE:PFSI) is a financial services company focused on the U.S. residential mortgage market. Through its operating subsidiaries, the company originates, acquires, services and manages investments in residential mortgage loans and related assets.

PennyMac’s business includes mortgage loan production through correspondent and consumer-direct channels, mortgage servicing and loan administration, and investment management activities. Its services support homeowners, mortgage originators and institutional investors across the residential lending lifecycle, including loan fulfillment, servicing and asset management.

The company was established in 2008 and serves customers and business partners throughout the United States.