PennyMac Financial Services (NYSE:PFSI) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of PennyMac Financial Services (NYSE:PFSI) in a research note released on Monday. The brokerage issued an overweight rating and a $115.00 price target on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the company. Barclays dropped their price objective on PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 8th. Piper Sandler dropped their price target on PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 23rd. UBS Group cut their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, July 24th. Wall Street Zen raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $121.00 to $117.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.67.

PennyMac Financial Services Stock Down 0.1%

PennyMac Financial Services stock opened at $109.6630 on Monday. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 15.21 and a beta of 1.50. The company’s 50 day simple moving average is $100.10 and its 200 day simple moving average is $98.92. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34. PennyMac Financial Services has a fifty-two week low of $85.74 and a fifty-two week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last posted its 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 during the quarter, compared to analyst estimates of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $1.85 earnings per share. As a group, sell-side analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services’s payout ratio is currently 16.64%.

Insider Buying and Selling at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 7,107 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the transaction, the director owned 86,050 shares of the company’s stock, valued at approximately $9,307,168. This trade represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Spector sold 5,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $105.73, for a total transaction of $528,650.00. Following the sale, the chief executive officer directly owned 130,604 shares in the company, valued at $13,808,760.92. This trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,107 shares of company stock valued at $2,292,843 in the last 90 days. 15.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new stake in shares of PennyMac Financial Services during the 4th quarter worth approximately $1,307,000. Mariner LLC increased its holdings in PennyMac Financial Services by 120.1% during the fourth quarter. Mariner LLC now owns 6,026 shares of the real estate investment trust’s stock worth $615,000 after buying an additional 3,288 shares during the last quarter. MetLife Investment Management LLC lifted its stake in PennyMac Financial Services by 4.1% in the fourth quarter. MetLife Investment Management LLC now owns 16,058 shares of the real estate investment trust’s stock valued at $1,640,000 after acquiring an additional 634 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of PennyMac Financial Services in the 4th quarter valued at about $39,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of PennyMac Financial Services by 11.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 134,435 shares of the real estate investment trust’s stock worth $13,732,000 after purchasing an additional 14,141 shares during the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

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.