PennyMac Financial Services (NYSE:PFSI) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of PennyMac Financial Services (NYSE:PFSI) in a research report report published on Monday morning. The brokerage issued an overweight rating and a $115.00 price target on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays lowered their price objective on shares of PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday, July 8th. Wall Street Zen raised shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Piper Sandler lowered their price objective on shares of PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating for the company in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods lowered their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an “outperform” rating for the company in a research report on Thursday, July 24th. Finally, UBS Group lowered their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, July 24th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.67.

PennyMac Financial Services Price Performance

PFSI opened at $108.65 on Monday. The company has a 50-day moving average of $100.70 and a 200-day moving average of $99.05. The company has a market capitalization of $5.62 billion, a P/E ratio of 15.07 and a beta of 1.50. PennyMac Financial Services has a 1-year low of $85.74 and a 1-year high of $119.13. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $3.01 by ($1.99). The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.PennyMac Financial Services’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.85 EPS. Equities analysts expect that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th were given a $0.30 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.1%. PennyMac Financial Services’s dividend payout ratio is 16.64%.

Insider Transactions at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 7,107 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the sale, the director directly owned 86,050 shares of the company’s stock, valued at approximately $9,307,168. This represents a 7.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Derek Stark sold 4,750 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the sale, the insider directly owned 20,621 shares of the company’s stock, valued at approximately $2,259,236.76. This represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,857 shares of company stock valued at $2,813,253. Company insiders own 15.80% of the company’s stock.

Institutional Trading of PennyMac Financial Services

A number of institutional investors have recently made changes to their positions in the stock. AlphaQuest LLC lifted its stake in shares of PennyMac Financial Services by 4.4% in the 1st quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust’s stock worth $259,000 after acquiring an additional 110 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PennyMac Financial Services by 0.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after acquiring an additional 111 shares during the period. CWM LLC lifted its stake in shares of PennyMac Financial Services by 71.5% in the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 113 shares during the period. Hohimer Wealth Management LLC lifted its stake in shares of PennyMac Financial Services by 5.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 121 shares during the period. Finally, Legal & General Group Plc lifted its stake in PennyMac Financial Services by 0.5% during the second quarter. Legal & General Group Plc now owns 35,478 shares of the real estate investment trust’s stock valued at $3,535,000 after purchasing an additional 173 shares during the last quarter. 57.87% of the stock is 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.