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

by · The Cerbat Gem

Wall Street Zen upgraded shares of PennyMac Financial Services (NYSE:PFSI – Free Report) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other analysts have also recently issued reports on PFSI. Keefe, Bruyette & Woods raised their target price on PennyMac Financial Services from $117.00 to $121.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Piper Sandler reduced their target price on PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Barclays dropped their price target on PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, July 8th. Wells Fargo & Company assumed coverage on shares of PennyMac Financial Services in a research report on Monday, August 25th. They set an “overweight” rating and a $115.00 price objective on the stock. Finally, UBS Group dropped their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $119.33.

Read Our Latest Research Report on PFSI

PennyMac Financial Services Stock Down 0.1%

Shares of NYSE:PFSI opened at $124.40 on Friday. The stock has a market capitalization of $6.43 billion, a P/E ratio of 17.25 and a beta of 1.51. The stock’s 50-day moving average price is $105.27 and its 200-day moving average price is $100.39. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. PennyMac Financial Services has a 12-month low of $85.74 and a 12-month high of $127.56.

PennyMac Financial Services (NYSE:PFSI – Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $3.01 by ($1.99). The firm had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.85 EPS. On average, equities analysts anticipate that PennyMac Financial Services will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services’s dividend payout ratio is currently 16.64%.

Insider Buying and Selling

In other news, insider Derek Stark sold 4,750 shares of the business’s stock in a transaction on Monday, August 25th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph F. Mazzella sold 7,107 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total transaction of $768,693.12. Following the sale, the director directly owned 86,050 shares in the company, valued at approximately $9,307,168. The trade was a 7.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,632 shares of company stock valued at $3,295,916 over the last ninety days. Insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its position in PennyMac Financial Services by 9.3% in the 2nd quarter. Osaic Holdings Inc. now owns 3,381 shares of the real estate investment trust’s stock worth $337,000 after purchasing an additional 289 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of PennyMac Financial Services by 4.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 16,073 shares of the real estate investment trust’s stock worth $1,602,000 after buying an additional 626 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of PennyMac Financial Services by 62.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,236 shares of the real estate investment trust’s stock worth $422,000 after acquiring an additional 1,634 shares during the period. Conversant Capital LLC increased its position in PennyMac Financial Services by 8.9% during the second quarter. Conversant Capital LLC now owns 266,000 shares of the real estate investment trust’s stock valued at $26,504,000 after acquiring an additional 21,850 shares during the last quarter. Finally, Holocene Advisors LP bought a new position in PennyMac Financial Services in the second quarter valued at about $986,000. Institutional investors own 57.87% of the company’s stock.

About PennyMac Financial Services

(Get Free Report)

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.

Read More