PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $71.00 by Analysts at Barclays

PennyMac Financial Services (NYSE:PFSI) had its target price cut by Barclays from $85.00 to $71.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently weighed in on PFSI. Wells Fargo & Company dropped their price objective on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Weiss Ratings restated a “sell (d+)” rating on shares of PennyMac Financial Services in a report on Monday, August 3rd. Stephens dropped their target price on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Piper Sandler lowered shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $106.00 to $86.00 in a research note on Thursday, July 30th. Finally, Wall Street Zen lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $103.12.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $63.08 on Monday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market capitalization of $3.28 billion, a P/E ratio of 8.66, a PEG ratio of 0.59 and a beta of 1.45. The company has a 50 day moving average price of $72.08 and a 200 day moving average price of $81.13. PennyMac Financial Services has a fifty-two week low of $60.79 and a fifty-two week high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. The company had revenue of $496.96 million during the quarter, compared to analyst estimates of $571.60 million. During the same quarter last year, the business posted $2.54 EPS. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. Equities research analysts forecast that PennyMac Financial Services will post 7.36 EPS for the current year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, August 17th. This represents a $1.20 annualized dividend and a yield of 1.9%. PennyMac Financial Services’s dividend payout ratio is 16.48%.

Hedge Funds Weigh In On PennyMac Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc purchased a new stake in shares of PennyMac Financial Services during the third quarter worth approximately $71,000. QRG Capital Management Inc. grew its holdings in PennyMac Financial Services by 7.5% during the 2nd quarter. QRG Capital Management Inc. now owns 3,881 shares of the real estate investment trust’s stock worth $338,000 after acquiring an additional 271 shares in the last quarter. BlueCrest Capital Management Ltd grew its holdings in PennyMac Financial Services by 12.8% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 396,103 shares of the real estate investment trust’s stock worth $34,501,000 after acquiring an additional 45,008 shares in the last quarter. Nykredit A S acquired a new position in PennyMac Financial Services during the 2nd quarter worth approximately $195,000. Finally, Corient Private Wealth LP raised its holdings in shares of PennyMac Financial Services by 1,030.8% in the 2nd quarter. Corient Private Wealth LP now owns 26,653 shares of the real estate investment trust’s stock valued at $2,321,000 after purchasing an additional 24,296 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE:PFSI) is a financial services company focused on the U.S. residential mortgage market. Through its operating subsidiaries, the company originates, acquires, services and manages investments in residential mortgage loans and related assets.

PennyMac’s business includes mortgage loan production through correspondent and consumer-direct channels, mortgage servicing and loan administration, and investment management activities. Its services support homeowners, mortgage originators and institutional investors across the residential lending lifecycle, including loan fulfillment, servicing and asset management.

The company was established in 2008 and serves customers and business partners throughout the United States.