Keefe, Bruyette & Woods Boosts PennyMac Financial Services (NYSE:PFSI) Price Target to $102.00

PennyMac Financial Services (NYSE:PFSI) had its target price upped by Keefe, Bruyette & Woods from $100.00 to $102.00 in a research report report published on Wednesday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

PFSI has been the subject of several other reports. StockNews.com cut shares of PennyMac Financial Services from a hold rating to a sell rating in a research note on Wednesday, July 3rd. Wedbush reissued an outperform rating and set a $110.00 price objective on shares of PennyMac Financial Services in a research note on Thursday, April 25th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a buy rating on the stock in a report on Thursday, April 25th. Finally, Barclays lifted their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an overweight rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $98.00.

PennyMac Financial Services Stock Up 1.7 %

Shares of NYSE PFSI opened at $100.17 on Wednesday. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $100.93. The firm has a fifty day moving average of $92.29 and a 200-day moving average of $89.34. The stock has a market capitalization of $5.10 billion, a PE ratio of 34.78, a P/E/G ratio of 0.64 and a beta of 1.72. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.33.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.14. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.48%. The company had revenue of $305.66 million during the quarter, compared to analysts’ expectations of $422.87 million. On average, analysts anticipate that PennyMac Financial Services will post 10.55 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Tuesday, May 14th were issued a $0.20 dividend. The ex-dividend date was Monday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 0.80%. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

Insiders Place Their Bets

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $93.16, for a total value of $931,600.00. Following the transaction, the chief executive officer now owns 240,604 shares in the company, valued at approximately $22,414,668.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $92.00, for a total transaction of $1,048,800.00. Following the transaction, the chief financial officer now owns 246,497 shares of the company’s stock, valued at $22,677,724. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $93.16, for a total transaction of $931,600.00. Following the transaction, the chief executive officer now directly owns 240,604 shares in the company, valued at approximately $22,414,668.64. The disclosure for this sale can be found here. Insiders have sold 87,865 shares of company stock worth $8,045,169 in the last quarter. 16.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Several large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC lifted its position in shares of PennyMac Financial Services by 29.6% during the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 109 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of PennyMac Financial Services by 0.7% during the first quarter. QRG Capital Management Inc. now owns 33,892 shares of the real estate investment trust’s stock worth $3,087,000 after purchasing an additional 232 shares during the last quarter. MorganRosel Wealth Management LLC lifted its position in shares of PennyMac Financial Services by 2.2% during the first quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock worth $985,000 after purchasing an additional 236 shares during the last quarter. USA Financial Formulas bought a new position in shares of PennyMac Financial Services during the fourth quarter worth about $25,000. Finally, ProShare Advisors LLC raised its stake in PennyMac Financial Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,587 shares of the real estate investment trust’s stock worth $418,000 after acquiring an additional 361 shares during the period. 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.