PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $121.00 by Analysts at Piper Sandler

PennyMac Financial Services (NYSE:PFSI - Free Report) had its price objective reduced by Piper Sandler from $125.00 to $121.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the real estate investment trust's stock.

Several other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of PennyMac Financial Services from $114.00 to $121.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Barclays lowered their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a report on Tuesday, July 8th. Wells Fargo & Company lowered their target price on shares of PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, UBS Group reiterated a "neutral" rating and issued a $115.00 target price (up previously from $110.00) on shares of PennyMac Financial Services in a report on Tuesday, July 15th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $118.67.

PennyMac Financial Services Stock Performance

Shares of PFSI stock traded up $0.70 during midday trading on Wednesday, hitting $93.96. 460,395 shares of the company were exchanged, compared to its average volume of 479,377. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $4.85 billion, a P/E ratio of 13.03, a PEG ratio of 0.20 and a beta of 1.53. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $119.13. The firm's 50 day moving average price is $97.93 and its two-hundred day moving average price is $99.66.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.34%. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the previous year, the firm posted $1.85 earnings per share. PennyMac Financial Services's quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts anticipate that PennyMac Financial Services will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.28%. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

Insider Activity

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 transaction, the chief financial officer directly owned 234,025 shares of the company's stock, valued at $23,273,786.25. The trade was a 4.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction on Monday, July 7th. The stock was sold at an average price of $100.81, for a total transaction of $504,050.00. Following the completion of the transaction, the chief executive officer directly owned 135,604 shares in the company, valued at approximately $13,670,239.24. The trade was a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,500 shares of company stock worth $3,616,005. 15.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On PennyMac Financial Services

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of PennyMac Financial Services by 12,101.0% during the first quarter. GAMMA Investing LLC now owns 11,713 shares of the real estate investment trust's stock worth $1,173,000 after purchasing an additional 11,617 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of PennyMac Financial Services during the fourth quarter worth about $1,307,000. Teacher Retirement System of Texas purchased a new stake in shares of PennyMac Financial Services during the fourth quarter worth about $518,000. Vanguard Group Inc. boosted its position in PennyMac Financial Services by 7.4% in the fourth quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock valued at $294,835,000 after buying an additional 199,667 shares during the last quarter. Finally, Lightrock Netherlands B.V. boosted its position in PennyMac Financial Services by 55.1% in the first quarter. Lightrock Netherlands B.V. now owns 136,055 shares of the real estate investment trust's stock valued at $13,643,000 after buying an additional 48,312 shares during the last quarter. Institutional investors own 57.87% of the company's stock.

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.