PennyMac Financial Services (NYSE:PFSI) Given “Outperform” Rating at Wedbush

Wedbush reissued their outperform rating on shares of PennyMac Financial Services (NYSE:PFSI) in a research note issued to investors on Thursday, Benzinga reports. Wedbush currently has a $110.00 price objective on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Financial Services’ Q3 2024 earnings at $2.87 EPS, FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

Other research analysts have also issued reports about the stock. Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a market perform rating to an outperform rating and raised their target price for the company from $100.00 to $105.00 in a research note on Tuesday, April 9th. Barclays raised their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. StockNews.com upgraded shares of PennyMac Financial Services from a sell rating to a hold rating in a research report on Thursday, April 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of PennyMac Financial Services in a research report on Wednesday, January 10th. They issued a buy rating and a $115.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services has an average rating of Moderate Buy and an average target price of $97.75.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $87.00 on Thursday. PennyMac Financial Services has a 1 year low of $56.16 and a 1 year high of $94.78. The firm’s fifty day simple moving average is $87.83 and its 200 day simple moving average is $83.15. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $4.39 billion, a PE ratio of 30.21, a PEG ratio of 0.56 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. The business had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million. On average, sell-side analysts anticipate that PennyMac Financial Services will post 10.58 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Tuesday, May 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, May 13th. PennyMac Financial Services’s payout ratio is 27.78%.

Insider Transactions at PennyMac Financial Services

In other news, insider James Follette sold 2,617 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total transaction of $225,690.08. Following the completion of the transaction, the insider now directly owns 7,257 shares of the company’s stock, valued at approximately $625,843.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider James Follette sold 2,617 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total transaction of $225,690.08. Following the completion of the transaction, the insider now directly owns 7,257 shares of the company’s stock, valued at approximately $625,843.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total transaction of $907,200.00. Following the transaction, the chief executive officer now directly owns 250,604 shares of the company’s stock, valued at $22,734,794.88. The disclosure for this sale can be found here. In the last three months, insiders sold 87,802 shares of company stock valued at $7,666,108. Company insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in PennyMac Financial Services by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,691,512 shares of the real estate investment trust’s stock valued at $237,851,000 after purchasing an additional 70,178 shares during the last quarter. Vanguard Group Inc. lifted its holdings in PennyMac Financial Services by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,610,041 shares of the real estate investment trust’s stock valued at $230,649,000 after purchasing an additional 19,748 shares during the last quarter. Invesco Ltd. lifted its holdings in PennyMac Financial Services by 47.6% during the 3rd quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock valued at $32,654,000 after purchasing an additional 158,181 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in PennyMac Financial Services by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust’s stock valued at $35,060,000 after purchasing an additional 3,947 shares during the last quarter. Finally, Norges Bank bought a new position in PennyMac Financial Services during the 4th quarter valued at about $31,258,000. 57.87% of the stock is owned by institutional investors.

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.