PennyMac Financial Services (NYSE:PFSI) Stock Price Crosses Below 200-Day Moving Average Following Insider Selling

PennyMac Financial Services, Inc. (NYSE:PFSI)’s share price crossed below its two hundred day moving average during trading on Friday following insider selling activity. The stock has a two hundred day moving average of $100.58 and traded as low as $95.60. PennyMac Financial Services shares last traded at $95.82, with a volume of 218,946 shares trading hands.

Specifically, CEO David Spector sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $98.29, for a total transaction of $491,450.00. Following the transaction, the chief executive officer now owns 140,604 shares of the company’s stock, valued at approximately $13,819,967.16. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PFSI. Wells Fargo & Company cut their price objective on shares of PennyMac Financial Services from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods upgraded PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 price target on the stock in a report on Tuesday, April 8th. Piper Sandler cut their price target on PennyMac Financial Services from $130.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, UBS Group cut their target price on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, PennyMac Financial Services has a consensus rating of “Moderate Buy” and a consensus target price of $121.17.

PennyMac Financial Services Stock Down 2.7%

The company’s fifty day simple moving average is $96.38 and its 200-day simple moving average is $100.58. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.26 and a quick ratio of 0.38. The firm has a market capitalization of $4.95 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 0.19 and a beta of 1.55.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.99 by ($1.57). PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. 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 prior year, the firm posted $0.74 earnings per share. On average, analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.20 annualized dividend and a yield of 1.25%. PennyMac Financial Services’s dividend payout ratio (DPR) is 18.40%.

Institutional Investors Weigh In On PennyMac Financial Services

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in shares of PennyMac Financial Services by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 453,810 shares of the real estate investment trust’s stock worth $46,352,000 after acquiring an additional 6,459 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in PennyMac Financial Services during the 4th quarter worth approximately $1,307,000. Teacher Retirement System of Texas purchased a new stake in PennyMac Financial Services during the 4th quarter worth approximately $518,000. Vanguard Group Inc. grew its position in 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. Finally, Norges Bank purchased a new stake in PennyMac Financial Services during the 4th quarter worth approximately $38,004,000. Hedge funds and other institutional investors 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.