PennyMac Financial Services (NYSE:PFSI) Given New $80.00 Price Target at BTIG Research

PennyMac Financial Services (NYSE:PFSI) had its price target lowered by BTIG Research from $90.00 to $80.00 in a research note released on Monday,Benzinga reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

PFSI has been the subject of a number of other research reports. Wells Fargo & Company lowered their price target on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Piper Sandler cut their price objective on PennyMac Financial Services from $86.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday. Stephens reduced their price objective on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Barclays reduced their price objective on PennyMac Financial Services from $85.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Monday, October 5th. Finally, Keefe, Bruyette & Woods decreased their target price on PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $100.00.

PennyMac Financial Services Stock Down 1.8%

Shares of NYSE PFSI opened at $58.82 on Monday. PennyMac Financial Services has a 52-week low of $58.72 and a 52-week high of $160.36. The firm has a fifty day moving average of $70.17 and a 200-day moving average of $80.25. The stock has a market capitalization of $3.06 billion, a PE ratio of 8.08, a P/E/G ratio of 0.59 and a beta of 1.45. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.72). The firm had revenue of $496.96 million during the quarter, compared to analysts’ expectations of $571.60 million. PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the business posted $2.54 earnings per share. On average, analysts anticipate that PennyMac Financial Services will post 7.09 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, August 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 16.48%.

Hedge Funds Weigh In On PennyMac Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its position in PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 228 shares during the period. QRG Capital Management Inc. boosted its position in shares of PennyMac Financial Services by 7.5% in the second quarter. QRG Capital Management Inc. now owns 3,881 shares of the real estate investment trust’s stock worth $338,000 after buying an additional 271 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of PennyMac Financial Services in the second quarter worth about $25,000. Pictet Asset Management Holding SA boosted its position in shares of PennyMac Financial Services by 6.3% in the first quarter. Pictet Asset Management Holding SA now owns 5,518 shares of the real estate investment trust’s stock worth $482,000 after buying an additional 329 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of PennyMac Financial Services by 313.2% in the third quarter. GAMMA Investing LLC now owns 438 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 332 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE:PFSI) is a financial services company focused on the U.S. residential mortgage market. Through its operating subsidiaries, the company originates, acquires, services and manages investments in residential mortgage loans and related assets.

PennyMac’s business includes mortgage loan production through correspondent and consumer-direct channels, mortgage servicing and loan administration, and investment management activities. Its services support homeowners, mortgage originators and institutional investors across the residential lending lifecycle, including loan fulfillment, servicing and asset management.

The company was established in 2008 and serves customers and business partners throughout the United States.