Piper Sandler Boosts PennyMac Financial Services (NYSE:PFSI) Price Target to $112.00

PennyMac Financial Services (NYSE:PFSI) had its price objective hoisted by Piper Sandler from $110.00 to $112.00 in a research report released on Wednesday, Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on PFSI. Barclays lifted their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a buy rating for the company in a research report on Thursday, April 25th. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an outperform rating to a market perform rating and set a $102.00 target price for the company. in a research report on Monday, July 22nd. Wedbush reiterated an outperform rating and set a $110.00 target price on shares of PennyMac Financial Services in a research report on Thursday, April 25th. Finally, StockNews.com lowered shares of PennyMac Financial Services from a hold rating to a sell rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $107.17.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $99.91 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.33. The firm has a market capitalization of $5.09 billion, a PE ratio of 34.69, a P/E/G ratio of 0.65 and a beta of 1.72. PennyMac Financial Services has a twelve month low of $62.15 and a twelve month high of $105.94. The company has a 50-day moving average price of $93.85 and a two-hundred day moving average price of $90.28.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.78%. The firm had revenue of $406.13 million during the quarter, compared to the consensus estimate of $469.64 million. During the same quarter last year, the business posted $1.11 earnings per share. PennyMac Financial Services’s revenue was up 20.7% compared to the same quarter last year. Equities analysts forecast that PennyMac Financial Services will post 10.51 EPS for the current year.

PennyMac Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s dividend payout ratio is presently 41.67%.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the sale, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at approximately $20,308,804.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total value of $1,493,869.45. Following the completion of the transaction, the director now directly owns 116,546 shares of the company’s stock, valued at $10,574,218.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total transaction of $920,600.00. Following the completion of the transaction, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,865 shares of company stock valued at $8,045,169. 16.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PFSI. USA Financial Formulas bought a new stake in shares of PennyMac Financial Services during the fourth quarter worth $25,000. Hexagon Capital Partners LLC lifted its position in shares of PennyMac Financial Services by 128.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 205 shares during the last quarter. Parkside Financial Bank & Trust bought a new stake in shares of PennyMac Financial Services during the fourth quarter worth $36,000. Blue Trust Inc. lifted its position in shares of PennyMac Financial Services by 1,529.6% during the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 413 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its position in shares of PennyMac Financial Services by 16,300.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $101,000 after purchasing an additional 1,141 shares during the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

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.