PennyMac Financial Services (NYSE:PFSI) Given New $130.00 Price Target at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its target price cut by Piper Sandler from $132.00 to $130.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other brokerages have also commented on PFSI. Keefe, Bruyette & Woods decreased their price target on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. Wells Fargo & Company upped their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Barclays lifted their price target on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Wedbush restated an “outperform” rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $122.17.

PennyMac Financial Services Price Performance

Shares of PFSI stock opened at $104.93 on Friday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38. The company has a market capitalization of $5.38 billion, a PE ratio of 33.31, a price-to-earnings-growth ratio of 0.21 and a beta of 1.78. The firm’s 50-day moving average is $104.65 and its two-hundred day moving average is $104.42. PennyMac Financial Services has a 12 month low of $83.03 and a 12 month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. Analysts predict that PennyMac Financial Services will post 11.76 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, February 23rd. Investors of record on Thursday, February 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, February 13th. PennyMac Financial Services’s payout ratio is currently 38.10%.

Insider Activity

In other news, Director Doug Jones sold 600 shares of PennyMac Financial Services stock in a transaction on Friday, December 20th. The shares were sold at an average price of $102.04, for a total transaction of $61,224.00. Following the completion of the sale, the director now directly owns 23,892 shares of the company’s stock, valued at approximately $2,437,939.68. The trade was a 2.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $100.02, for a total value of $1,050,210.00. Following the completion of the transaction, the chief financial officer now directly owns 225,497 shares in the company, valued at $22,554,209.94. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,844 shares of company stock worth $15,079,791. Corporate insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services in the 3rd quarter valued at about $37,000. Blue Trust Inc. grew its position in PennyMac Financial Services by 59.5% in the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 262 shares during the last quarter. KBC Group NV increased its stake in PennyMac Financial Services by 20.3% in the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 226 shares during the period. Quantbot Technologies LP raised its position in PennyMac Financial Services by 23.7% during the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 290 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of PennyMac Financial Services in the 3rd quarter worth $203,000. 57.87% of the stock is 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.