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

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

A number of other research firms have also recently commented on PFSI. Barclays cut their price target on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a research note on Tuesday, July 8th. Wells Fargo & Company cut their price objective on PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday. UBS Group upped their price objective on PennyMac Financial Services from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price objective on PennyMac Financial Services from $114.00 to $121.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $118.67.

PennyMac Financial Services Price Performance

NYSE:PFSI traded down $0.96 during mid-day trading on Wednesday, hitting $92.30. 124,646 shares of the stock traded hands, compared to its average volume of 374,375. The business's 50-day moving average price is $98.09 and its 200 day moving average price is $99.70. The company has a market cap of $4.77 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 0.21 and a beta of 1.53. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96. PennyMac Financial Services has a 12-month low of $85.74 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted 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 return on equity of 12.34% and a net margin of 22.00%. The business had revenue of $444.73 million for the quarter, compared to analysts' expectations of $547.44 million. During the same quarter in the previous year, the firm earned $1.85 earnings per share. PennyMac Financial Services's quarterly revenue was up 9.5% compared to the same quarter last year. On average, analysts expect that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Wednesday, August 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Wednesday, August 13th. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 11,000 shares of the stock in a transaction 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 sale, the director owned 92,863 shares of the company's stock, valued at $9,121,932.49. This represents a 10.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David Spector sold 5,000 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $100.81, for a total transaction of $504,050.00. Following the sale, the chief executive officer directly owned 135,604 shares of the company's stock, valued at $13,670,239.24. The trade was a 3.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,500 shares of company stock worth $3,616,005 in the last ninety days. 15.80% of the stock is owned by company insiders.

Institutional Trading of PennyMac Financial Services

A number of institutional investors have recently modified their holdings of PFSI. CWM LLC boosted its holdings in shares of PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 113 shares during the period. Strs Ohio purchased a new stake in PennyMac Financial Services in the 1st quarter worth approximately $30,000. TD Waterhouse Canada Inc. purchased a new stake in PennyMac Financial Services in the 4th quarter worth approximately $39,000. Sterling Capital Management LLC lifted its stake in PennyMac Financial Services by 601.8% in the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 343 shares during the period. Finally, Aquatic Capital Management LLC purchased a new stake in PennyMac Financial Services in the fourth quarter worth $71,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

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.