PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $125.00 by Analysts at Piper Sandler

PennyMac Financial Services (NYSE:PFSI - Free Report) had its price target lowered by Piper Sandler from $128.00 to $125.00 in a report published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust's stock.

A number of other analysts also recently commented on PFSI. Keefe, Bruyette & Woods upgraded PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 target price on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company lowered their price objective on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Finally, UBS Group dropped their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $120.67.

PennyMac Financial Services Stock Performance

Shares of PFSI stock traded down $0.30 during trading hours on Tuesday, hitting $102.41. The company's stock had a trading volume of 147,410 shares, compared to its average volume of 322,900. The stock has a market cap of $5.29 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 0.21 and a beta of 1.53. PennyMac Financial Services has a 12-month low of $85.74 and a 12-month high of $119.13. The company has a 50 day moving average of $97.27 and a 200 day moving average of $99.82. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 2.96.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 EPS for the quarter, missing the consensus estimate of $2.99 by ($1.57). The business had revenue of $430.90 million during the quarter, compared to analysts' expectations 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 period in the previous year, the company posted $0.74 earnings per share. On average, sell-side analysts forecast that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. PennyMac Financial Services's payout ratio is 18.40%.

Insiders Place Their Bets

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $99.45, for a total value of $1,044,225.00. Following the sale, the chief financial officer owned 234,025 shares of the company's stock, valued at approximately $23,273,786.25. This trade represents a 4.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Spector sold 5,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $98.29, for a total transaction of $491,450.00. Following the completion of the sale, the chief executive officer directly owned 140,604 shares of the company's stock, valued at approximately $13,819,967.16. The trade was a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,500 shares of company stock worth $3,111,955. 15.80% of the stock is owned by corporate insiders.

Institutional Trading of PennyMac Financial Services

Several institutional investors have recently modified their holdings of PFSI. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust's stock worth $429,454,000 after purchasing an additional 24,055 shares during the last quarter. Vanguard Group Inc. increased 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 buying an additional 199,667 shares in the last quarter. FMR LLC raised its holdings in shares of PennyMac Financial Services by 11.9% during the fourth quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust's stock valued at $133,380,000 after acquiring an additional 138,853 shares during the last quarter. Invesco Ltd. raised its holdings in shares of PennyMac Financial Services by 4.5% during the first quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust's stock valued at $123,848,000 after acquiring an additional 53,660 shares during the last quarter. Finally, Orbis Allan Gray Ltd lifted its position in shares of PennyMac Financial Services by 447.5% in the first quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust's stock valued at $92,779,000 after acquiring an additional 757,489 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company's stock.

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.