PennyMac Financial Services (NYSE:PFSI) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services (NYSE:PFSI) from a market perform rating to an outperform rating in a research note released on Monday, Marketbeat.com reports. They currently have $115.00 price target on the real estate investment trust’s stock.

Several other analysts have also recently commented on the stock. Zacks Research cut shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Piper Sandler cut their price objective on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Barclays reduced their target price on shares of PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Jefferies Financial Group assumed coverage on shares of PennyMac Financial Services in a research report on Friday, December 19th. They set a “buy” rating and a $160.00 target price for the company. Finally, Wall Street Zen lowered shares of PennyMac Financial Services from a “buy” rating to a “hold” rating in a report on Sunday, January 18th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.71.

PennyMac Financial Services Stock Down 0.2%

PennyMac Financial Services stock opened at $87.18 on Monday. The business’s 50-day simple moving average is $110.01 and its two-hundred day simple moving average is $120.69. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market cap of $4.55 billion, a PE ratio of 9.37, a PEG ratio of 0.50 and a beta of 1.56. PennyMac Financial Services has a fifty-two week low of $83.66 and a fifty-two week high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period last year, the firm earned $1.95 EPS. Equities analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Monday, February 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 12.90%.

Insider Activity

In other PennyMac Financial Services news, CEO David Spector sold 12,436 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $86.39, for a total value of $1,074,346.04. Following the completion of the transaction, the chief executive officer owned 529,401 shares in the company, valued at approximately $45,734,952.39. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $93.30, for a total value of $272,902.50. Following the completion of the transaction, the chief financial officer directly owned 213,550 shares of the company’s stock, valued at $19,924,215. The trade was a 1.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,280 shares of company stock worth $5,154,453 over the last three months. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 140 Summer Partners LP acquired a new position in shares of PennyMac Financial Services during the third quarter valued at approximately $55,268,000. Norges Bank purchased a new position in shares of PennyMac Financial Services in the second quarter valued at approximately $39,976,000. Goldentree Asset Management LP acquired a new stake in shares of PennyMac Financial Services in the second quarter worth approximately $29,249,000. Two Sigma Investments LP boosted its stake in shares of PennyMac Financial Services by 1,148.7% in the third quarter. Two Sigma Investments LP now owns 310,919 shares of the real estate investment trust’s stock worth $38,517,000 after acquiring an additional 286,019 shares during the last quarter. Finally, Holocene Advisors LP increased its position in shares of PennyMac Financial Services by 2,379.5% during the third quarter. Holocene Advisors LP now owns 245,268 shares of the real estate investment trust’s stock worth $30,384,000 after purchasing an additional 235,376 shares in the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.