PennyMac Financial Services (NYSE:PFSI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of PennyMac Financial Services (NYSE:PFSI) from a hold rating to a buy rating in a report published on Saturday morning.

Other analysts have also issued research reports about the company. BTIG Research reissued a “buy” rating and issued a $135.00 target price on shares of PennyMac Financial Services in a report on Wednesday, October 22nd. Wells Fargo & Company increased their price objective on shares of PennyMac Financial Services from $115.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Barclays lifted their target price on shares of PennyMac Financial Services from $136.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Piper Sandler increased their price target on shares of PennyMac Financial Services from $136.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of PennyMac Financial Services from $129.00 to $138.00 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $138.67.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $126.69 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.36 and a current ratio of 0.36. PennyMac Financial Services has a one year low of $85.74 and a one year high of $134.56. The firm has a market capitalization of $6.55 billion, a P/E ratio of 13.65 and a beta of 1.56. The company’s fifty day moving average is $121.03 and its two-hundred day moving average is $106.48.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $3.37 EPS for the quarter, beating the consensus estimate of $2.98 by $0.39. PennyMac Financial Services had a net margin of 25.21% and a return on equity of 11.69%. The firm had revenue of $632.90 million during the quarter, compared to analysts’ expectations of $573.46 million. During the same quarter last year, the business earned $1.30 earnings per share. The business’s revenue for the quarter was up 53.7% compared to the same quarter last year. Analysts forecast that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.9%. PennyMac Financial Services’s dividend payout ratio is currently 12.93%.

Insider Activity at PennyMac Financial Services

In related news, CEO David Spector sold 71,161 shares of the stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $128.07, for a total value of $9,113,589.27. Following the transaction, the chief executive officer directly owned 577,859 shares of the company’s stock, valued at approximately $74,006,402.13. This trade represents a 10.96% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Derek Stark sold 4,750 shares of PennyMac Financial Services stock in a transaction on Monday, August 25th. The shares were sold at an average price of $109.56, for a total value of $520,410.00. Following the completion of the transaction, the insider owned 20,621 shares in the company, valued at $2,259,236.76. The trade was a 18.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 173,685 shares of company stock valued at $21,896,093 over the last three months. Insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

Hedge funds have recently modified their holdings of the stock. Orbis Allan Gray Ltd grew its position in PennyMac Financial Services by 447.5% in the first quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust’s stock valued at $92,779,000 after acquiring an additional 757,489 shares in the last quarter. Norges Bank acquired a new stake in PennyMac Financial Services during the 2nd quarter valued at $39,976,000. Goldentree Asset Management LP purchased a new stake in PennyMac Financial Services during the 2nd quarter worth $29,249,000. Millennium Management LLC lifted its holdings in PennyMac Financial Services by 48.8% in the 1st quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust’s stock worth $77,245,000 after buying an additional 253,031 shares in the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new position in PennyMac Financial Services in the 1st quarter valued at about $18,701,000. 57.87% of the stock is currently 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.