Wedbush Increases PennyMac Financial Services (NYSE:PFSI) Price Target to $120.00

PennyMac Financial Services (NYSE:PFSI) had its target price hoisted by Wedbush from $110.00 to $120.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Financial Services’ Q2 2024 earnings at $2.52 EPS, Q4 2024 earnings at $2.79 EPS, FY2024 earnings at $10.65 EPS and FY2025 earnings at $12.00 EPS.

Several other brokerages have also recently commented on PFSI. Barclays raised their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Piper Sandler increased their price target on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the stock an overweight rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of PennyMac Financial Services from $115.00 to $112.00 and set a buy rating on the stock in a research report on Thursday, April 25th. StockNews.com lowered shares of PennyMac Financial Services from a hold rating to a sell rating in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an outperform rating to a market perform rating and set a $102.00 price target on the stock. in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $107.17.

PennyMac Financial Services Stock Up 0.6 %

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

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.78% and a net margin of 13.13%. The business had revenue of $406.13 million for the quarter, compared to the consensus estimate of $469.64 million. During the same period in the prior year, the business posted $1.11 earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, analysts expect that PennyMac Financial Services will post 10.54 EPS for the current year.

PennyMac Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th will be given a $0.30 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $1.20 dividend on an annualized basis and a 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 (DPR) is currently 27.78%.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 116,546 shares in the company, valued at $10,574,218.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 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 transaction of $1,493,869.45. Following the completion of the transaction, the director now 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Doug Jones sold 30,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total transaction of $2,744,700.00. Following the transaction, the director now directly owns 480,000 shares of the company’s stock, valued at approximately $43,915,200. The disclosure for this sale can be found here. Insiders have sold 87,865 shares of company stock worth $8,045,169 over the last quarter. Corporate insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds have recently bought and sold shares of the company. Quadrature Capital Ltd bought a new position in PennyMac Financial Services during the fourth quarter worth $967,000. UBS Group AG raised its stake in PennyMac Financial Services by 40.6% during the fourth quarter. UBS Group AG now owns 82,027 shares of the real estate investment trust’s stock worth $7,249,000 after buying an additional 23,696 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its stake in PennyMac Financial Services by 165.0% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 24,753 shares of the real estate investment trust’s stock worth $2,187,000 after buying an additional 15,412 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in PennyMac Financial Services during the fourth quarter worth $1,019,000. Finally, Federated Hermes Inc. raised its stake in PennyMac Financial Services by 40.0% during the fourth quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock worth $5,333,000 after buying an additional 17,245 shares during the last quarter. Institutional investors own 57.87% 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. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.