Piper Sandler Cuts PennyMac Financial Services (NYSE:PFSI) Price Target to $130.00

PennyMac Financial Services (NYSE:PFSI) had its price objective trimmed by Piper Sandler from $132.00 to $130.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on PFSI. Keefe, Bruyette & Woods cut their price objective on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 10th. Wells Fargo & Company increased their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Barclays increased their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Wedbush reissued an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.17.

PennyMac Financial Services Stock Down 8.6 %

Shares of NYSE PFSI opened at $104.93 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. PennyMac Financial Services has a 12 month low of $83.03 and a 12 month high of $119.13. The firm has a market capitalization of $5.38 billion, a PE ratio of 33.31, a price-to-earnings-growth ratio of 0.21 and a beta of 1.78. The firm has a fifty day simple moving average of $104.65 and a two-hundred day simple moving average of $104.44.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. Equities analysts expect that PennyMac Financial Services will post 11.76 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, February 23rd. Shareholders of record on Thursday, February 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, February 13th. PennyMac Financial Services’s payout ratio is 38.10%.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, Director Doug Jones sold 600 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $102.04, for a total transaction of $61,224.00. Following the completion of the sale, the director now directly owns 23,892 shares of the company’s stock, valued at $2,437,939.68. This trade represents a 2.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David Spector sold 5,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $99.38, for a total transaction of $496,900.00. Following the completion of the transaction, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at approximately $16,457,725.52. This trade represents a 2.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 147,844 shares of company stock valued at $15,079,791 in the last three months. 16.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV boosted its stake in PennyMac Financial Services by 15.6% during the fourth quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust’s stock worth $158,000 after buying an additional 209 shares during the period. Blue Trust Inc. lifted its position in shares of PennyMac Financial Services by 59.5% during the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 262 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of PennyMac Financial Services by 23.7% during the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock worth $173,000 after purchasing an additional 290 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of PennyMac Financial Services during the third quarter worth $37,000. Finally, Dakota Wealth Management lifted its position in shares of PennyMac Financial Services by 2.6% during the fourth quarter. Dakota Wealth Management now owns 14,578 shares of the real estate investment trust’s stock worth $1,489,000 after purchasing an additional 374 shares during 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.