1 Reason PennyMac Financial Services Is Beating the Market
What if I told you there was a financial stock out there that was trading up over 22% year to date?
When you consider that the broader S&P 500 is essentially flat so far this year and the Financial Select Sector SPDR Fund ETF is down 25% year to date, it seems even more unlikely that a financial stock could be doing so well in this current economic environment.
No, we aren't talking about a fintech stock. It is stock for a company that operates in one of the most pedestrian businesses out there -- mortgage banking. While mortgage bankers struggled during the spring months due to COVID-19, they have emerged from the coronavirus crisis to an entirely different world from where they came.
Source Fool.com
