Piper Sandler Raises PennyMac Financial Services (NYSE:PFSI) Price Target to $125.00

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

A number of other equities research analysts also recently weighed in on the company. StockNews.com downgraded PennyMac Financial Services from a hold rating to a sell rating in a research report 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 objective on the stock. in a research report on Monday, July 22nd. Finally, Wedbush upped their target price 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 investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services has a consensus rating of Hold and a consensus price target of $109.33.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $106.66 on Tuesday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. The company’s fifty day moving average price is $104.93 and its 200 day moving average price is $96.34. The company has a market capitalization of $5.43 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 0.73 and a beta of 1.77. PennyMac Financial Services has a one year low of $62.15 and a one year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). The company had revenue of $406.13 million for 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%. PennyMac Financial Services’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.11 earnings per share. As a group, analysts expect that PennyMac Financial Services will post 10.61 earnings per share for the current year.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were paid a $0.30 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.13%. PennyMac Financial Services’s payout ratio is currently 41.67%.

Insider Transactions at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the sale, the chief financial officer now directly owns 235,997 shares in the company, valued at $26,651,141.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the sale, the chief financial officer now directly owns 235,997 shares of the company’s stock, valued at $26,651,141.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Spector sold 10,000 shares of the business’s stock in a transaction that occurred 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 owns 220,604 shares of the company’s stock, valued at $20,308,804.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,855 shares of company stock valued at $9,492,499. 16.60% of the stock is owned by insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its holdings in PennyMac Financial Services by 291.8% during 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 during the period. Creative Planning boosted 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 purchasing an additional 1,865 shares during the last quarter. Algert Global LLC acquired a new stake in shares of PennyMac Financial Services during the second quarter worth $408,000. The Manufacturers Life Insurance Company grew its stake in shares of PennyMac Financial Services by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 18,449 shares of the real estate investment trust’s stock worth $1,745,000 after purchasing an additional 1,166 shares during the period. Finally, Maverick Capital Ltd. increased its holdings in PennyMac Financial Services by 263.8% in the second quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock valued at $1,221,000 after purchasing an additional 9,357 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

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.