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

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

Several equities research analysts have commented on PFSI shares. Piper Sandler cut shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $106.00 to $86.00 in a research report on Thursday, July 30th. Stephens lowered their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. BTIG Research dropped their target price on shares of PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Wells Fargo & Company reduced their target price on shares of PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Finally, Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th.

Insider Buying and Selling at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 2,177 shares of PennyMac Financial Services stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $86.89, for a total value of $189,159.53. Following the transaction, the chief accounting officer directly owned 48,968 shares in the company, valued at $4,254,829.52. The trade was a 4.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Financial Services

A number of hedge funds and other institutional investors have recently modified their holdings of PFSI. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in PennyMac Financial Services during the 2nd quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in PennyMac Financial Services during the second quarter valued at about $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 228 shares during the period. Strs Ohio acquired a new position in shares of PennyMac Financial Services in the first quarter worth about $30,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of PennyMac Financial Services in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Stock Performance

PFSI opened at $75.20 on Tuesday. The business has a 50 day moving average price of $81.06 and a two-hundred day moving average price of $85.90. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.38 and a quick ratio of 0.38. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 10.33, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45. PennyMac Financial Services has a 1-year low of $71.68 and a 1-year high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (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 company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period last year, the firm earned $2.54 EPS. Research analysts predict that PennyMac Financial Services will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 16.48%.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.