PennyMac Financial Services (NYSE:PFSI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of PennyMac Financial Services (NYSE:PFSI) from a sell rating to a hold rating in a research note published on Monday morning.

Several other analysts also recently weighed in on PFSI. Wells Fargo & Company started coverage on PennyMac Financial Services in a research note on Monday, August 25th. They set an “overweight” rating and a $115.00 target price on the stock. Barclays cut their target price on PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their target price on PennyMac Financial Services from $117.00 to $121.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Piper Sandler cut their target price on PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Finally, UBS Group cut their target price on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, July 24th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $119.33.

PennyMac Financial Services Trading Up 1.6%

NYSE:PFSI opened at $125.81 on Monday. PennyMac Financial Services has a 12-month low of $85.74 and a 12-month high of $130.02. The firm has a market capitalization of $6.51 billion, a P/E ratio of 17.45 and a beta of 1.59. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34. The business has a 50 day simple moving average of $110.95 and a 200 day simple moving average of $102.45.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The company had revenue of $444.73 million for the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the prior year, the firm earned $1.85 EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities research analysts predict that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services’s payout ratio is currently 16.64%.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $122.97, for a total value of $614,850.00. Following the sale, the chief executive officer owned 125,604 shares of the company’s stock, valued at approximately $15,445,523.88. The trade was a 3.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph F. Mazzella sold 7,107 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the sale, the director directly owned 86,050 shares in the company, valued at $9,307,168. This represents a 7.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,632 shares of company stock worth $3,910,766 over the last 90 days. 15.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Several hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its holdings in shares of PennyMac Financial Services by 9.3% during the second quarter. Osaic Holdings Inc. now owns 3,381 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 289 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of PennyMac Financial Services by 4.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 16,073 shares of the real estate investment trust’s stock valued at $1,602,000 after purchasing an additional 626 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of PennyMac Financial Services by 62.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,236 shares of the real estate investment trust’s stock valued at $422,000 after purchasing an additional 1,634 shares during the last quarter. Conversant Capital LLC lifted its holdings in shares of PennyMac Financial Services by 8.9% during the second quarter. Conversant Capital LLC now owns 266,000 shares of the real estate investment trust’s stock valued at $26,504,000 after purchasing an additional 21,850 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in shares of PennyMac Financial Services during the second quarter valued at $986,000. 57.87% of the stock is owned by hedge funds and other institutional investors.

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.