Piper Sandler Issues Pessimistic Forecast for PennyMac Financial Services (NYSE:PFSI) Stock Price

PennyMac Financial Services (NYSE:PFSI) had its price objective decreased by Piper Sandler from $130.00 to $128.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods upgraded PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 target price for the company in a report on Tuesday, April 8th. UBS Group dropped their price objective 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 Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $121.17.

PennyMac Financial Services Stock Performance

Shares of PFSI stock opened at $93.65 on Wednesday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 0.19 and a beta of 1.73. PennyMac Financial Services has a one year low of $84.93 and a one year high of $119.13. The company has a 50 day moving average price of $98.69 and a 200 day moving average price of $102.30.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share for the quarter, missing the consensus estimate of $2.99 by ($1.57). PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. The firm had revenue of $430.90 million during the quarter, compared to analysts’ expectations of $520.42 million. During the same period last year, the business posted $0.74 earnings per share. Sell-side analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Wednesday, May 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Wednesday, May 14th. PennyMac Financial Services’s payout ratio is currently 20.55%.

Insider Buying and Selling

In related news, CRO Abbie Tidmore sold 2,669 shares of PennyMac Financial Services stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $102.55, for a total value of $273,705.95. Following the completion of the transaction, the executive now directly owns 4,878 shares in the company, valued at approximately $500,238.90. This trade represents a 35.37 % 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 link. Also, insider Mark Elbaum sold 410 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total value of $42,180.80. Following the sale, the insider now owns 4,207 shares in the company, valued at $432,816.16. The trade was a 8.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,464 shares of company stock worth $4,540,867. Insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. lifted its position in shares of PennyMac Financial Services by 5.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,797 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 154 shares during the last quarter. KBC Group NV lifted its holdings in PennyMac Financial Services by 15.6% in the fourth quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 209 shares during the last quarter. Sterling Capital Management LLC boosted its stake in PennyMac Financial Services by 601.8% in the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 343 shares during the period. Dakota Wealth Management grew its holdings 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 valued at $1,489,000 after purchasing an additional 374 shares during the last quarter. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of PennyMac Financial Services during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

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.