Brokerages Set PennyMac Financial Services, Inc. (NYSE:PFSI) Price Target at $122.50

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI) have been given a consensus rating of “Moderate Buy” by the six brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $122.50.

A number of research firms have recently issued reports on PFSI. Keefe, Bruyette & Woods cut their price target on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a report on Tuesday, December 10th. Piper Sandler increased their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Barclays increased their price objective 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. Finally, Wedbush reaffirmed an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd.

PennyMac Financial Services Stock Performance

Shares of NYSE PFSI opened at $101.38 on Thursday. The stock’s fifty day simple moving average is $103.54 and its 200 day simple moving average is $102.58. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 32.18 and a beta of 1.78. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. PennyMac Financial Services has a 52-week low of $81.93 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share 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 company had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. During the same period in the prior year, the business posted $1.77 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that PennyMac Financial Services will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Monday, November 18th. PennyMac Financial Services’s payout ratio is currently 38.10%.

Insider Activity

In other news, 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 transaction of $1,050,210.00. Following the transaction, the chief financial officer now owns 225,497 shares in the company, valued at approximately $22,554,209.94. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the completion of the sale, the chief executive officer now owns 180,604 shares of the company’s stock, valued at $18,970,644.16. This represents a 5.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 152,844 shares of company stock worth $15,658,591 in the last three months. 16.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PFSI. Harbor Capital Advisors Inc. acquired a new position in PennyMac Financial Services during the 3rd quarter worth $37,000. Blue Trust Inc. increased its stake in shares of PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 262 shares during the period. KBC Group NV lifted its position in shares of PennyMac Financial Services by 20.3% during the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 226 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of PennyMac Financial Services by 23.7% during the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock worth $173,000 after purchasing an additional 290 shares during the last quarter. Finally, Verition Fund Management LLC bought a new stake in PennyMac Financial Services during the 3rd quarter valued at approximately $203,000. 57.87% of the stock is owned by 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.