Keefe, Bruyette & Woods Cuts PennyMac Financial Services (NYSE:PFSI) Price Target to $111.00

PennyMac Financial Services (NYSE:PFSI) had its target price lowered by Keefe, Bruyette & Woods from $112.00 to $111.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a market perform rating on the real estate investment trust’s stock.

A number of other analysts have also commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Piper Sandler raised their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Barclays raised their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.50.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $104.11 on Tuesday. The firm has a market cap of $5.34 billion, a PE ratio of 33.05 and a beta of 1.78. PennyMac Financial Services has a fifty-two week low of $79.71 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.38 and a current ratio of 0.38. The business has a 50 day moving average price of $104.99 and a 200-day moving average price of $101.46.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The business had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. During the same period in the previous year, the business earned $1.77 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that PennyMac Financial Services will post 11.88 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Monday, November 18th. PennyMac Financial Services’s dividend payout ratio is currently 38.10%.

Insider Buying and Selling at PennyMac Financial Services

In other news, CAO Gregory L. Hendry sold 3,032 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $102.09, for a total transaction of $309,536.88. Following the completion of the transaction, the chief accounting officer now directly owns 48,040 shares in the company, valued at $4,904,403.60. This trade represents a 5.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $100.02, for a total value of $1,050,210.00. Following the transaction, the chief financial officer now owns 225,497 shares of the company’s stock, valued at $22,554,209.94. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,162 shares of company stock valued at $8,540,526. 16.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC increased its holdings in PennyMac Financial Services by 36.9% in the 2nd quarter. SG Americas Securities LLC now owns 3,040 shares of the real estate investment trust’s stock worth $288,000 after buying an additional 820 shares in the last quarter. Blue Trust Inc. increased its holdings in PennyMac Financial Services by 1,529.6% in the 2nd quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 413 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in PennyMac Financial Services by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after buying an additional 4,930 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PennyMac Financial Services by 10.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,554 shares of the real estate investment trust’s stock worth $904,000 after buying an additional 935 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its holdings in PennyMac Financial Services by 25.3% in the 2nd quarter. Picton Mahoney Asset Management now owns 59,293 shares of the real estate investment trust’s stock worth $5,609,000 after buying an additional 11,964 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors.

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.