PennyMac Financial Services (NYSE:PFSI) Given New $132.00 Price Target at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its price objective raised by Piper Sandler from $125.00 to $132.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on the company. Barclays upped their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research note on Monday, July 22nd. StockNews.com lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Finally, Wedbush upped their target price on PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $114.33.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $100.00 on Wednesday. The stock’s 50-day simple moving average is $107.66 and its 200 day simple moving average is $98.09. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 34.72, a price-to-earnings-growth ratio of 0.67 and a beta of 1.77. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. 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 issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). The company had revenue of $411.83 million for the quarter, compared to analysts’ expectations of $513.12 million. PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company posted $1.77 EPS. Research analysts forecast that PennyMac Financial Services will post 11.22 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 41.67%.

Insider Activity

In other news, CEO David Spector sold 10,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $99.31, for a total transaction of $993,100.00. Following the transaction, the chief executive officer now directly owns 210,604 shares in the company, valued at approximately $20,915,083.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Joseph F. Mazzella sold 11,396 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the transaction, the director now directly owns 105,446 shares in the company, valued at $10,325,272.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $99.31, for a total value of $993,100.00. Following the transaction, the chief executive officer now owns 210,604 shares in the company, valued at approximately $20,915,083.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,855 shares of company stock worth $9,647,599. 16.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of PFSI. Edgestream Partners L.P. grew its position in PennyMac Financial Services by 256.9% during the 2nd quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock worth $8,028,000 after acquiring an additional 61,087 shares during the last quarter. American Century Companies Inc. grew its position in PennyMac Financial Services by 13.2% during the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after acquiring an additional 40,676 shares during the last quarter. EMG Holdings L.P. lifted its holdings in PennyMac Financial Services by 107.4% in the 2nd quarter. EMG Holdings L.P. now owns 64,451 shares of the real estate investment trust’s stock worth $6,097,000 after buying an additional 33,370 shares during the period. Quantbot Technologies LP purchased a new stake in PennyMac Financial Services in the 1st quarter worth approximately $2,570,000. Finally, Denali Advisors LLC lifted its holdings in PennyMac Financial Services by 179.2% in the 1st quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock worth $3,789,000 after buying an additional 26,700 shares during the period. 57.87% of the stock is currently owned by 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.