PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $125.00

PennyMac Financial Services (NYSE:PFSI) had its price objective increased by Piper Sandler from $112.00 to $125.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other analysts also recently commented on PFSI. StockNews.com downgraded PennyMac Financial Services from a hold rating to a sell rating in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods downgraded shares of PennyMac Financial Services from an outperform rating to a market perform rating and set a $102.00 price target for the company. in a report on Monday, July 22nd. Finally, Wedbush raised their price objective on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the company an outperform rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has an average rating of Hold and a consensus target price of $109.33.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $106.66 on Tuesday. The firm has a market capitalization of $5.43 billion, a PE ratio of 37.03, a P/E/G ratio of 0.73 and a beta of 1.77. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75. The firm has a 50-day moving average price of $104.93 and a 200 day moving average price of $96.34. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The company 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 earned $1.11 earnings per share. The company’s revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts anticipate that PennyMac Financial Services will post 10.61 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.13%. The ex-dividend date was Tuesday, August 13th. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s payout ratio is presently 41.67%.

Insider Buying and Selling at PennyMac Financial Services

In other news, Director Anne Mccallion sold 23,829 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the sale, the director now owns 1,854 shares in the company, valued at $191,221.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Anne Mccallion sold 23,829 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the sale, the director now owns 1,854 shares of the company’s stock, valued at $191,221.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Richard Bailey sold 14,130 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the transaction, the insider now directly owns 14,670 shares in the company, valued at $1,714,629.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,855 shares of company stock valued at $9,492,499. 16.60% of the stock is currently owned by corporate insiders.

Institutional Trading of PennyMac Financial Services

Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its stake in PennyMac Financial Services by 291.8% in the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock valued at $1,357,000 after buying an additional 8,871 shares during the period. Creative Planning increased its stake in shares of PennyMac Financial Services by 59.9% in the second quarter. Creative Planning now owns 4,977 shares of the real estate investment trust’s stock worth $471,000 after acquiring an additional 1,865 shares during the last quarter. Algert Global LLC purchased a new stake in shares of PennyMac Financial Services during the second quarter worth $408,000. The Manufacturers Life Insurance Company boosted its position in PennyMac Financial Services by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 18,449 shares of the real estate investment trust’s stock valued at $1,745,000 after purchasing an additional 1,166 shares during the last quarter. Finally, Maverick Capital Ltd. grew its stake in PennyMac Financial Services by 263.8% in the second quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock valued at $1,221,000 after purchasing an additional 9,357 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Company Profile

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.