PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $140.00

PennyMac Financial Services (NYSE:PFSI) had its price objective increased by Piper Sandler from $136.00 to $140.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other brokerages have also weighed in on PFSI. Weiss Ratings reiterated a “hold (c)” rating on shares of PennyMac Financial Services in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on PennyMac Financial Services from $115.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wall Street Zen upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Monday, September 29th. UBS Group lifted their price objective on PennyMac Financial Services from $110.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $129.00 price objective on the stock. in a research report on Tuesday, October 7th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, PennyMac Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $138.67.

PennyMac Financial Services Price Performance

Shares of PennyMac Financial Services stock opened at $132.64 on Wednesday. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34. The business’s 50 day simple moving average is $118.52 and its two-hundred day simple moving average is $104.86. The stock has a market capitalization of $6.86 billion, a P/E ratio of 14.29 and a beta of 1.59. PennyMac Financial Services has a one year low of $85.74 and a one year high of $134.56.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. The business had revenue of $632.90 million for the quarter, compared to analysts’ expectations of $573.46 million. PennyMac Financial Services had a return on equity of 11.90% and a net margin of 25.21%.The business’s quarterly revenue was up 53.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.30 EPS. Analysts forecast that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, November 17th. PennyMac Financial Services’s payout ratio is 12.93%.

Insider Buying and Selling

In other news, CFO Daniel Stanley Perotti sold 13,110 shares of PennyMac Financial Services stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $130.71, for a total value of $1,713,608.10. Following the completion of the transaction, the chief financial officer owned 9,964 shares of the company’s stock, valued at $1,302,394.44. The trade was a 56.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek Stark sold 4,750 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 20,621 shares in the company, valued at approximately $2,259,236.76. The trade was a 18.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,742 shares of company stock valued at $5,712,424 over the last ninety days. Insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its holdings in shares of PennyMac Financial Services by 26.3% during the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of PennyMac Financial Services by 4.4% during the first quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust’s stock valued at $259,000 after purchasing an additional 110 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of PennyMac Financial Services by 0.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock valued at $1,598,000 after purchasing an additional 111 shares in the last quarter. CWM LLC lifted its holdings in shares of PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 113 shares in the last quarter. Finally, Hohimer Wealth Management LLC lifted its holdings in shares of PennyMac Financial Services by 5.4% during the first quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 121 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

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.