PennyMac Financial Services (NYSE:PFSI) Given New $116.00 Price Target at Barclays

PennyMac Financial Services (NYSE:PFSI) had its price target cut by Barclays from $136.00 to $116.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the stock. Zacks Research downgraded shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Weiss Ratings downgraded shares of PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $115.00 target price for the company in a research report on Monday, March 16th. Finally, Wells Fargo & Company cut their target price on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.71.

PennyMac Financial Services Trading Up 0.4%

NYSE:PFSI opened at $90.46 on Monday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.32. PennyMac Financial Services has a 12 month low of $82.65 and a 12 month high of $160.36. The company has a market cap of $4.72 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The company has a 50 day simple moving average of $93.65 and a two-hundred day simple moving average of $117.69.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.The company had revenue of $538.01 million during the quarter, compared to the consensus estimate of $639.81 million. During the same period last year, the firm posted $1.95 EPS. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. Research analysts forecast that PennyMac Financial Services will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. PennyMac Financial Services’s payout ratio is presently 12.90%.

Insider Buying and Selling at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $93.30, for a total transaction of $272,902.50. Following the completion of the sale, the chief financial officer owned 213,550 shares of the company’s stock, valued at $19,924,215. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $86.39, for a total transaction of $863,900.00. Following the sale, the chief executive officer directly owned 80,604 shares of the company’s stock, valued at approximately $6,963,379.56. The trade was a 11.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 51,280 shares of company stock worth $5,154,453. 15.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PennyMac Financial Services

A number of hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC bought a new position in PennyMac Financial Services in the 2nd quarter worth $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in PennyMac Financial Services by 7,600.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 228 shares during the period. Strs Ohio bought a new position in PennyMac Financial Services in the 1st quarter worth $30,000. Los Angeles Capital Management LLC bought a new position in PennyMac Financial Services in the 4th quarter worth $31,000. Finally, GAMMA Investing LLC boosted its holdings in PennyMac Financial Services by 97.3% in the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 142 shares during the period. Institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.