PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $120.00

PennyMac Financial Services (NYSE:PFSI) had its target price upped by Wedbush from $110.00 to $120.00 in a report released on Wednesday morning, Benzinga reports. Wedbush currently has an outperform rating on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Financial Services’ Q2 2024 earnings at $2.52 EPS, Q4 2024 earnings at $2.79 EPS, FY2024 earnings at $10.65 EPS and FY2025 earnings at $12.00 EPS.

Several other brokerages also recently weighed in on PFSI. Piper Sandler raised their target price on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an overweight rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their target price on PennyMac Financial Services from $115.00 to $112.00 and set a buy rating on the stock in a research note on Thursday, April 25th. Keefe, Bruyette & Woods cut PennyMac Financial Services from an outperform rating to a market perform rating and set a $102.00 price target for the company. in a research note on Monday, July 22nd. StockNews.com lowered PennyMac Financial Services from a hold rating to a sell rating in a research note on Wednesday, July 3rd. Finally, Barclays increased 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $107.17.

PennyMac Financial Services Stock Performance

Shares of NYSE:PFSI opened at $99.87 on Wednesday. The firm has a 50 day moving average of $93.85 and a 200 day moving average of $90.25. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.33. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.72. PennyMac Financial Services has a 52 week low of $62.15 and a 52 week high of $105.94.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.78% and a net margin of 13.13%. The company had revenue of $406.13 million during the quarter, compared to the consensus estimate of $469.64 million. During the same period in the previous year, the firm posted $1.11 earnings per share. The company’s revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts predict that PennyMac Financial Services will post 10.51 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th will be issued a $0.30 dividend. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is 27.78%.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of PennyMac Financial Services 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 completion of the transaction, the chief executive officer now owns 240,604 shares in the company, valued at approximately $22,414,668.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Doug Jones sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total value of $2,744,700.00. Following the completion of the transaction, the director now directly owns 480,000 shares in the company, valued at approximately $43,915,200. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $93.16, for a total transaction of $931,600.00. Following the sale, the chief executive officer now owns 240,604 shares in the company, valued at approximately $22,414,668.64. The disclosure for this sale can be found here. Insiders sold 87,865 shares of company stock worth $8,045,169 over the last three months. Company insiders own 16.60% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

Hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new position in PennyMac Financial Services in the 4th quarter worth about $967,000. UBS Group AG increased its position in shares of PennyMac Financial Services by 40.6% in the fourth quarter. UBS Group AG now owns 82,027 shares of the real estate investment trust’s stock valued at $7,249,000 after buying an additional 23,696 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its position in shares of PennyMac Financial Services by 165.0% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 24,753 shares of the real estate investment trust’s stock valued at $2,187,000 after buying an additional 15,412 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $1,019,000. Finally, Federated Hermes Inc. lifted its position in shares of PennyMac Financial Services by 40.0% during the 4th quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock valued at $5,333,000 after buying an additional 17,245 shares in the last quarter. 57.87% of the stock is owned by hedge funds and other 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.