Keefe, Bruyette & Woods Cuts PennyMac Financial Services (NYSE:PFSI) Price Target to $115.00

PennyMac Financial Services (NYSE:PFSI) had its price objective decreased by Keefe, Bruyette & Woods from $143.00 to $115.00 in a research note published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the real estate investment trust’s stock.

PFSI has been the topic of a number of other reports. Weiss Ratings downgraded shares of PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, January 20th. Barclays dropped their price objective on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Piper Sandler decreased their target price on PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Jefferies Financial Group began coverage on PennyMac Financial Services in a report on Friday, December 19th. They issued a “buy” rating and a $160.00 target price for the company. Finally, BTIG Research restated a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.71.

PennyMac Financial Services Trading Up 3.1%

Shares of NYSE PFSI opened at $96.03 on Monday. PennyMac Financial Services has a fifty-two week low of $85.74 and a fifty-two week high of $160.36. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 0.53 and a beta of 1.54. The business’s 50 day moving average price is $135.12 and its 200-day moving average price is $123.03.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $1.97 EPS for the quarter, missing the consensus estimate of $3.23 by ($1.26). The business had revenue of $538.01 million during the quarter, compared to the consensus estimate of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.36%. The business’s revenue was up 14.4% compared to the same quarter last year. During the same period last year, the company earned $1.95 EPS. On average, sell-side analysts expect that PennyMac Financial Services will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Monday, February 16th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, February 13th. PennyMac Financial Services’s dividend payout ratio is presently 12.90%.

Insider Activity

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $145.19, for a total value of $1,451,900.00. Following the transaction, the chief executive officer directly owned 100,604 shares of the company’s stock, valued at approximately $14,606,694.76. The trade was a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Stanley Perotti sold 8,775 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $126.67, for a total value of $1,111,529.25. Following the completion of the sale, the chief financial officer directly owned 216,475 shares of the company’s stock, valued at $27,420,888.25. The trade was a 3.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 75,758 shares of company stock worth $9,967,733 in the last quarter. 15.80% of the stock is currently owned by corporate insiders.

Institutional Trading of PennyMac Financial Services

A number of institutional investors have recently bought and sold shares of PFSI. Harbor Capital Advisors Inc. raised its holdings in shares of PennyMac Financial Services by 26.3% in the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 105 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in PennyMac Financial Services by 0.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after acquiring an additional 111 shares during the last quarter. GAMMA Investing LLC lifted its position in PennyMac Financial Services by 97.3% during the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 142 shares during the period. Sei Investments Co. lifted its position in PennyMac Financial Services by 0.7% during the 3rd quarter. Sei Investments Co. now owns 22,145 shares of the real estate investment trust’s stock worth $2,743,000 after acquiring an additional 146 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its stake in PennyMac Financial Services by 1.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 16,236 shares of the real estate investment trust’s stock valued at $2,026,000 after purchasing an additional 163 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Company Profile

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.