PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $125.00

PennyMac Financial Services (NYSE:PFSI) had its target price raised by Piper Sandler from $112.00 to $125.00 in a research report report published on Tuesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

PFSI has been the subject of a number of other reports. StockNews.com cut PennyMac Financial Services from a hold rating to a sell rating in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods cut PennyMac Financial Services from an outperform rating to a market perform rating and set a $102.00 price target for the company. in a research note on Monday, July 22nd. Finally, Wedbush increased their price target on PennyMac Financial Services from $110.00 to $120.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $109.33.

PennyMac Financial Services Trading Down 0.8 %

Shares of PFSI stock opened at $110.40 on Tuesday. The stock’s fifty day moving average price is $104.71 and its two-hundred day moving average price is $96.24. The company has a market cap of $5.65 billion, a PE ratio of 38.33, a P/E/G ratio of 0.73 and a beta of 1.77. PennyMac Financial Services has a fifty-two week low of $62.15 and a fifty-two week high of $119.13. 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 (NYSE:PFSI) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). The business had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.11 EPS. Equities analysts predict that PennyMac Financial Services will post 10.61 EPS for the current fiscal year.

PennyMac Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were given a dividend of $0.30 per share. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 41.67%.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total transaction of $920,600.00. Following the completion of the transaction, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at approximately $20,308,804.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Joseph F. Mazzella sold 11,396 shares of PennyMac Financial Services stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total value of $1,115,896.32. Following the completion of the transaction, the director now directly owns 105,446 shares of the company’s stock, valued at approximately $10,325,272.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the transaction, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The disclosure for this sale can be found here. Insiders sold a total of 89,855 shares of company stock valued at $9,492,499 in the last three months. Insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC raised its position in shares of PennyMac Financial Services by 291.8% in the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock worth $1,357,000 after acquiring an additional 8,871 shares in the last quarter. Creative Planning raised its position in shares of PennyMac Financial Services by 59.9% in the 2nd quarter. Creative Planning now owns 4,977 shares of the real estate investment trust’s stock worth $471,000 after acquiring an additional 1,865 shares in the last quarter. Algert Global LLC acquired a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at about $408,000. The Manufacturers Life Insurance Company grew its stake in shares of PennyMac Financial Services by 6.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,449 shares of the real estate investment trust’s stock valued at $1,745,000 after buying an additional 1,166 shares during the period. Finally, Maverick Capital Ltd. grew its stake in shares of PennyMac Financial Services by 263.8% in the 2nd quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock valued at $1,221,000 after buying an additional 9,357 shares during the period. 57.87% of the stock is 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.