Analysts Set PennyMac Financial Services, Inc. (NYSE:PFSI) Price Target at $104.88

by · The Cerbat Gem

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Free Report) have been given an average recommendation of “Hold” by the ten research firms that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $104.8750.

A number of research firms have recently weighed in on PFSI. Piper Sandler lowered PennyMac Financial Services from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $106.00 to $86.00 in a research note on Thursday, July 30th. Wells Fargo & Company cut their price objective on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Wall Street Zen downgraded shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Weiss Ratings restated a “sell (d+)” rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. Finally, Barclays cut their price objective on shares of PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th.

Read Our Latest Report on PFSI

PennyMac Financial Services Stock Down 3.4%

Shares of PFSI opened at $65.71 on Friday. PennyMac Financial Services has a 1 year low of $65.03 and a 1 year high of $160.36. The firm has a market cap of $3.41 billion, a P/E ratio of 9.03, a P/E/G ratio of 0.64 and a beta of 1.44. The stock has a 50 day simple moving average of $77.09 and a two-hundred day simple moving average of $83.28. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.38 and a quick ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI – Get Free Report) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 EPS 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 business had revenue of $496.96 million for the quarter, compared to the consensus estimate of $571.60 million. During the same period in the prior year, the business posted $2.54 EPS. PennyMac Financial Services’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, analysts forecast that PennyMac Financial Services will post 7.36 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Monday, August 17th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, August 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 16.48%.

Insider Activity at PennyMac Financial Services

In other news, CAO Gregory Hendry sold 2,177 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total transaction of $189,159.53. Following the completion of the transaction, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at $4,254,829.52. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is owned by corporate insiders.

Institutional Trading of PennyMac Financial Services

Large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of PennyMac Financial Services in the 2nd quarter worth $1,713,000. BlueCrest Capital Management Ltd raised its stake 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 valued at $34,501,000 after purchasing an additional 45,008 shares during the period. Donald Smith & CO. Inc. bought a new stake in shares of PennyMac Financial Services during the second quarter valued at approximately $163,940,000. Norges Bank bought a new stake in PennyMac Financial Services in the 4th quarter valued at $44,287,000. Finally, BlackRock Inc. purchased a new stake in shares of PennyMac Financial Services in the second quarter worth about $202,735,000. Institutional investors own 57.87% of the company’s stock.

About PennyMac Financial Services

(Get Free Report)

PennyMac Financial Services, Inc (NYSE:PFSI) is a mortgage banking company that provides a range of residential lending and loan servicing services in the United States. The company operates through its subsidiaries and focuses primarily on the production and servicing of conventional and government-insured residential mortgage loans.

PennyMac’s loan production business acquires, originates and refinances mortgage loans through correspondent, broker-direct and consumer-direct channels.

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