PennyMac Financial Services, Inc. (NYSE: PFSI) sees sharp decline in short-term interest
PennyMac Financial Services, Inc. (NYSE: PFSI) recorded a sharp decline in short-term interest during the month of November. As of November 15, there was short interest totaling 1,000,000 shares, a decrease of 37.1% from the total of 1,590,000 shares as of October 31. About 2.2% of stocks are sold short. Based on an average daily volume of 596,600 shares, the short-term interest rate is currently 1.7 days.
In addition, director Farhad Nanji acquired 125,321 shares of PennyMac Financial Services in a transaction that took place on Monday, November 22. The shares were purchased at an average price of $ 64.78 per share, for a total transaction of $ 8,118,294.38. The acquisition was disclosed in a legal file with the SEC, accessible through this link. Additionally, CEO David Spector sold 15,000 shares of the company in a trade on Wednesday, October 20. The stock was sold for an average price of $ 67.51, for a total value of $ 1,012,650.00. Disclosure of this sale can be found here. During the last quarter, insiders purchased 412,554 shares of the company valued at $ 26,628,876. Company insiders own 12.90% of the company’s shares.
Several institutional investors have recently changed their stake in the company. Basswood Capital Management LLC increased its stake in PennyMac Financial Services shares by 27.9% in the second quarter. Basswood Capital Management LLC now owns 2,462,355 real estate investment trust shares worth $ 151,977,000 after purchasing an additional 537,407 shares in the last quarter. Senvest Management LLC increased its stake in the shares of PennyMac Financial Services by 1.5% in the third quarter. Senvest Management LLC now owns 2,016,661 real estate investment trust shares worth $ 123,278,000 after purchasing an additional 30,000 shares during the last quarter. BlueCrest Capital Management Ltd increased its stake in the shares of PennyMac Financial Services by 91.5% in the third quarter. BlueCrest Capital Management Ltd now owns 610,611 real estate investment trust shares worth $ 37,327,000 after purchasing an additional 291,799 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of PennyMac Financial Services by 86.2% in the second quarter. Goldman Sachs Group Inc. now owns 600,222 real estate investment trust shares worth $ 37,045,000 after purchasing an additional 277,849 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in the shares of PennyMac Financial Services by 93.5% in the third quarter. Renaissance Technologies LLC now owns 466,000 real estate investment trust shares worth $ 28,487,000 after purchasing an additional 225,200 shares during the last quarter. 57.91% of the shares are held by hedge funds and other institutional investors.
A number of research companies have commented on the IFHP. Barclays raised its price target on PennyMac Financial Services from $ 89.00 to $ 103.00 and assigned the company an “overweight” rating in a research report published on Friday August 6. Wedbush increased its price target on PennyMac Financial Services from $ 75.00 to $ 90.00 and gave the company an “outperformance” rating in a research note on Monday, August 16. Zacks Investment Research downgraded PennyMac Financial Services’ rating from a “buy” rating to a “hold” rating in a research note on Saturday, November 13. Piper Sandler raised her price target on PennyMac Financial Services from $ 93.00 to $ 109.00 and gave the company an “overweight” rating in a Friday August 6 research note. Finally, Credit Suisse Group increased its price target on PennyMac Financial Services from $ 72.00 to $ 84.00 and gave the company an “outperformance” rating in a research note on Monday, August 9. Three research analysts rated the stock with a conservation rating and six gave the company a buy rating. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $ 85.67.
PFSI stock traded up $ 1.64 in Wednesday’s session, reaching $ 64.97. 1,003,539 shares were traded, for an average volume of 741,097. The company’s 50-day moving average is $ 64.24 and its 200-day moving average is $ 63.52. PennyMac Financial Services has a twelve month low of $ 55.11 and a twelve month high of $ 70.99. The company has a current ratio of 0.26, a quick ratio of 0.18, and a debt ratio of 2.64. The company has a market cap of $ 3.84 billion, a P / E ratio of 3.64 and a beta of 1.19.
PennyMac Financial Services (NYSE: PFSI) last released its quarterly results on Thursday, November 4. The real estate investment trust reported earnings per share of $ 3.80 for the quarter, beating analysts’ consensus estimates of $ 3.31 by $ 0.49. PennyMac Financial Services delivered a return on equity of 36.99% and a net margin of 36.50%. The company posted revenue of $ 786.61 million for the quarter, compared to a consensus estimate of $ 832.20 million. During the same period of the previous year, the company earned $ 7.03 per share. The company’s revenue for the quarter was down 29.8% year-on-year. As a group, analysts expect PennyMac Financial Services to post earnings per share of 20.36 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 24. Investors of record on Monday, November 15, received a dividend of $ 0.20 per share. This represents a dividend of $ 0.80 on an annualized basis and a return of 1.23%. The ex-dividend date was Friday, November 12. PennyMac Financial Services’ dividend payout ratio (DPR) is currently 4.48%.
About PennyMac Financial Services
PennyMac Financial Services, Inc. operates as a holding company. The company is engaged in the production and management of residential mortgage loans in the United States. It operates through the following segments: production, maintenance and investment management. The Production segment includes the activities of originating, acquiring and selling mortgage loans.
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