PennyMac Financial Services (NYSE:PFSI) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.15, Bloomberg Earnings reports. The business had revenue of $302.98 million during the quarter, compared to analysts’ expectations of $267.80 million. PennyMac Financial Services had a return on equity of 9.79% and a net margin of 16.34%.
Shares of PFSI stock traded up $1.38 during trading on Friday, hitting $25.29. The company had a trading volume of 1,000,992 shares, compared to its average volume of 194,795. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 1.64. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 8.86, a P/E/G ratio of 0.80 and a beta of 0.48. The stock’s 50-day simple moving average is $22.88. PennyMac Financial Services has a one year low of $18.77 and a one year high of $27.00.
Separately, Zacks Investment Research upgraded PennyMac Financial Services from a “hold” rating to a “strong-buy” rating and set a $26.00 price target for the company in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. PennyMac Financial Services presently has a consensus rating of “Buy” and a consensus target price of $24.67.
In other PennyMac Financial Services news, insider Anne Mccallion sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $23.39, for a total transaction of $233,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Botein sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $21.59, for a total transaction of $1,295,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 182,000 shares of company stock valued at $4,052,470. 22.17% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PFSI. Long Pond Capital LP raised its position in PennyMac Financial Services by 202.8% during the first quarter. Long Pond Capital LP now owns 757,000 shares of the real estate investment trust’s stock valued at $16,836,000 after purchasing an additional 507,000 shares in the last quarter. Geode Capital Management LLC raised its position in PennyMac Financial Services by 128.0% during the fourth quarter. Geode Capital Management LLC now owns 485,064 shares of the real estate investment trust’s stock valued at $10,312,000 after purchasing an additional 272,320 shares in the last quarter. Swiss National Bank acquired a new position in PennyMac Financial Services during the second quarter valued at approximately $2,560,000. Northern Trust Corp raised its position in PennyMac Financial Services by 43.0% during the fourth quarter. Northern Trust Corp now owns 337,412 shares of the real estate investment trust’s stock valued at $7,173,000 after purchasing an additional 101,429 shares in the last quarter. Finally, Bayview Asset Management LLC raised its position in PennyMac Financial Services by 26.1% during the second quarter. Bayview Asset Management LLC now owns 459,920 shares of the real estate investment trust’s stock valued at $10,201,000 after purchasing an additional 95,246 shares in the last quarter. Institutional investors and hedge funds own 30.56% 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. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.
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