PennyMac Financial Services (NYSE:PFSI) Earns “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of PennyMac Financial Services (NYSE:PFSI) in a research note released on Thursday, Benzinga reports. The brokerage currently has a $110.00 target price on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Financial Services’ Q3 2024 earnings at $2.87 EPS, FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

PFSI has been the subject of a number of other reports. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a market perform rating to an outperform rating and upped their price objective for the company from $100.00 to $105.00 in a research report on Tuesday, April 9th. Barclays upped their price objective on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of PennyMac Financial Services in a research report on Wednesday, January 10th. They issued a buy rating and a $115.00 price objective for the company. Finally, StockNews.com upgraded shares of PennyMac Financial Services from a sell rating to a hold rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $97.75.

PennyMac Financial Services Stock Up 0.9 %

Shares of PennyMac Financial Services stock opened at $87.00 on Thursday. The company has a fifty day moving average price of $87.83 and a 200 day moving average price of $83.15. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. PennyMac Financial Services has a twelve month low of $56.16 and a twelve month high of $94.78. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 30.21, a price-to-earnings-growth ratio of 0.56 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. The company had revenue of $305.66 million during the quarter, compared to analysts’ expectations of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. Equities research analysts forecast that PennyMac Financial Services will post 10.58 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Tuesday, May 14th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.80 annualized dividend and a yield of 0.92%. PennyMac Financial Services’s dividend payout ratio (DPR) is 27.78%.

Insider Buying and Selling

In related news, CEO David Spector sold 26,451 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $86.05, for a total transaction of $2,276,108.55. Following the sale, the chief executive officer now owns 647,938 shares in the company, valued at $55,755,064.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO David Spector sold 26,451 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $86.05, for a total transaction of $2,276,108.55. Following the sale, the chief executive officer now owns 647,938 shares in the company, valued at $55,755,064.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the sale, the chief financial officer now owns 257,897 shares in the company, valued at approximately $22,823,884.50. The disclosure for this sale can be found here. Insiders have sold a total of 87,802 shares of company stock worth $7,666,108 over the last quarter. 17.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. grew its position in PennyMac Financial Services by 40.0% in the 4th quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock worth $5,333,000 after purchasing an additional 17,245 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in PennyMac Financial Services in the 3rd quarter worth about $3,370,000. Graham Capital Management L.P. bought a new position in PennyMac Financial Services in the 3rd quarter worth about $1,237,000. Adage Capital Partners GP L.L.C. bought a new position in PennyMac Financial Services in the 3rd quarter worth about $3,657,000. Finally, Invesco Ltd. grew its position in PennyMac Financial Services by 47.6% in the 3rd quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock worth $32,654,000 after purchasing an additional 158,181 shares during the last quarter. Institutional investors own 57.87% of the company’s stock.

About PennyMac Financial Services

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.