PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $143.00

PennyMac Financial Services (NYSE:PFSI) had its target price raised by Keefe, Bruyette & Woods from $138.00 to $143.00 in a research report report published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the real estate investment trust’s stock.

Several other research firms have also commented on PFSI. Wells Fargo & Company upped their price target on shares of PennyMac Financial Services from $115.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. UBS Group boosted their target price on shares of PennyMac Financial Services from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Wall Street Zen upgraded shares of PennyMac Financial Services from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Piper Sandler raised their price target on shares of PennyMac Financial Services from $136.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of PennyMac Financial Services in a research report on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $142.43.

PennyMac Financial Services Stock Up 1.1%

Shares of PennyMac Financial Services stock opened at $133.91 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01. The business’s 50 day simple moving average is $127.98 and its 200-day simple moving average is $114.19. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 14.43 and a beta of 1.58. PennyMac Financial Services has a twelve month low of $85.74 and a twelve month high of $137.53.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.98 by $0.39. The business had revenue of $632.90 million during the quarter, compared to analyst estimates of $573.46 million. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The business’s revenue for the quarter was up 53.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.30 EPS. Equities research analysts forecast that PennyMac Financial Services will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th were issued a $0.30 dividend. The ex-dividend date was Monday, November 17th. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. PennyMac Financial Services’s dividend payout ratio (DPR) is 12.93%.

Insider Activity at PennyMac Financial Services

In other news, Director Anne Mccallion sold 27,771 shares of PennyMac Financial Services stock in a transaction on Friday, October 24th. The stock was sold at an average price of $131.55, for a total transaction of $3,653,275.05. Following the transaction, the director directly owned 1,547 shares in the company, valued at approximately $203,507.85. This trade represents a 94.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Spector sold 71,161 shares of the business’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $128.07, for a total value of $9,113,589.27. Following the completion of the sale, the chief executive officer directly owned 577,859 shares in the company, valued at $74,006,402.13. This represents a 10.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 218,129 shares of company stock worth $28,164,517 over the last ninety days. Insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC bought a new stake in PennyMac Financial Services in the second quarter worth about $26,000. Strs Ohio bought a new position in shares of PennyMac Financial Services during the 1st quarter valued at about $30,000. Bayforest Capital Ltd acquired a new position in shares of PennyMac Financial Services in the 2nd quarter worth approximately $62,000. Harbor Capital Advisors Inc. raised its holdings in shares of PennyMac Financial Services by 26.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 105 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of PennyMac Financial Services by 92.7% in the 3rd quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock worth $69,000 after purchasing an additional 267 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

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.