PennyMac Financial Services (NYSE:PFSI) Price Target Lowered to $108.00 at Keefe, Bruyette & Woods

PennyMac Financial Services (NYSE:PFSI) had its price objective trimmed by Keefe, Bruyette & Woods from $115.00 to $108.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Several other research analysts have also issued reports on the stock. Piper Sandler reduced their target price on shares of PennyMac Financial Services from $122.00 to $112.00 and set an “overweight” rating on the stock in a research note on Wednesday. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Wall Street Zen lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Weiss Ratings lowered shares of PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday. Finally, Zacks Research raised shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.88.

PennyMac Financial Services Stock Up 2.2%

PFSI opened at $90.62 on Friday. The firm’s 50-day simple moving average is $89.13 and its 200-day simple moving average is $113.26. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.34 and a current ratio of 0.34. PennyMac Financial Services has a twelve month low of $82.65 and a twelve month high of $160.36. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.58 and a beta of 1.49.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.03). PennyMac Financial Services had a return on equity of 11.02% and a net margin of 23.47%.The firm had revenue of $544.98 million during the quarter, compared to the consensus estimate of $546.17 million. During the same period in the previous year, the company posted $1.42 EPS. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. Equities research analysts anticipate that PennyMac Financial Services will post 10.68 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Monday, May 18th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, May 18th. PennyMac Financial Services’s payout ratio is presently 12.75%.

Insider Activity

In other PennyMac Financial Services news, Director Patrick Kinsella bought 2,250 shares of PennyMac Financial Services stock in a transaction dated Thursday, February 12th. The stock was bought at an average price of $89.15 per share, with a total value of $200,587.50. Following the completion of the transaction, the director owned 34,210 shares in the company, valued at $3,049,821.50. The trade was a 7.04% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 12,436 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $86.39, for a total transaction of $1,074,346.04. Following the completion of the sale, the chief executive officer directly owned 529,401 shares of the company’s stock, valued at approximately $45,734,952.39. The trade was a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,280 shares of company stock valued at $4,630,853 in the last ninety days. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC acquired a new position in PennyMac Financial Services during the second quarter worth about $26,000. Caitong International Asset Management Co. Ltd raised its stake in PennyMac Financial Services by 7,600.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 228 shares in the last quarter. Strs Ohio acquired a new position in PennyMac Financial Services during the first quarter worth about $30,000. Los Angeles Capital Management LLC acquired a new position in PennyMac Financial Services during the fourth quarter worth about $31,000. Finally, GAMMA Investing LLC raised its stake in PennyMac Financial Services by 97.3% during the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 142 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.