Barclays Issues Pessimistic Forecast for PennyMac Financial Services (NYSE:PFSI) Stock Price

PennyMac Financial Services (NYSE:PFSI - Free Report) had its price objective lowered by Barclays from $124.00 to $119.00 in a research report report published on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust's stock.

Several other analysts have also recently commented on PFSI. UBS Group decreased their target price on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price objective on the stock in a report on Tuesday, April 8th. Wells Fargo & Company dropped their target price on shares of PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Finally, Piper Sandler decreased their price target on shares of PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $120.83.

PennyMac Financial Services Price Performance

NYSE:PFSI traded down $1.12 on Tuesday, reaching $100.13. The stock had a trading volume of 280,207 shares, compared to its average volume of 328,448. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96. The company has a market capitalization of $5.17 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 0.21 and a beta of 1.53. PennyMac Financial Services has a 1-year low of $85.74 and a 1-year high of $119.13. The stock has a fifty day moving average price of $97.86 and a 200-day moving average price of $99.81.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). The firm had revenue of $430.90 million during the quarter, compared to the consensus estimate of $520.42 million. PennyMac Financial Services had a net margin of 20.27% and a return on equity of 14.78%. During the same quarter last year, the firm posted $0.74 EPS. Research analysts forecast that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Wednesday, May 14th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.20 annualized dividend and a yield of 1.20%. PennyMac Financial Services's dividend payout ratio is currently 18.40%.

Insider Buying and Selling at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $99.45, for a total transaction of $1,044,225.00. Following the completion of the sale, the chief financial officer owned 234,025 shares in the company, valued at $23,273,786.25. The trade was a 4.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph F. Mazzella sold 11,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $98.23, for a total transaction of $1,080,530.00. Following the completion of the transaction, the director directly owned 92,863 shares in the company, valued at approximately $9,121,932.49. The trade was a 10.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,500 shares of company stock worth $3,616,005. Company insiders own 15.80% of the company's stock.

Institutional Investors Weigh In On PennyMac Financial Services

A number of institutional investors have recently made changes to their positions in the stock. Orbis Allan Gray Ltd boosted its holdings in PennyMac Financial Services by 447.5% during the first quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust's stock worth $92,779,000 after buying an additional 757,489 shares during the last quarter. Norges Bank acquired a new stake in shares of PennyMac Financial Services in the 4th quarter valued at approximately $38,004,000. Millennium Management LLC raised its position in shares of PennyMac Financial Services by 104.5% in the 4th quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock valued at $52,967,000 after acquiring an additional 264,956 shares during the period. Vanguard Group Inc. boosted its stake in PennyMac Financial Services by 7.4% during the 4th quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock worth $294,835,000 after acquiring an additional 199,667 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC acquired a new position in PennyMac Financial Services during the first quarter valued at approximately $18,701,000. 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.