Companies / PFSI
NYSEPennyMac Financial Services (PFSI) in our theses
PennyMac Financial Services appears in one of our theses. Below is why it entered the basket and how it has done since publication.
The Fed's first hike in three years closes the refi window, and servicers book that as a gain
A rate hike reads as bad news for mortgage stocks, but servicing rights are negative duration assets: higher rates extend them and lift reported income.
Where these numbers come from
The reference price is recorded on the thesis publication date and never changed afterwards. The current price is refreshed several times a day. Returns are in the listing currency and exclude dividends, so for dividend payers the real total return was somewhat higher.
This is not a recommendation to buy or sell. A company enters a basket as a beneficiary of the mechanism described in the thesis, and the full argument is on each thesis page.
See all of our theses
Each with a publication date, a causal map and a score assigned before the market ruled.
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