Brokerages Set PennyMac Financial Services, Inc. (NYSE:PFSI) Target Price at $130.17

PennyMac Financial Services, Inc. (NYSE:PFSI) has been given an average recommendation of “Moderate Buy” by the eight research firms that are covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $138.6667.

PFSI has been the subject of a number of recent analyst reports. Barclays increased their price target on PennyMac Financial Services from $136.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Piper Sandler increased their price target on PennyMac Financial Services from $136.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of PennyMac Financial Services in a research report on Wednesday, October 8th. BTIG Research restated a “buy” rating and set a $135.00 price objective on shares of PennyMac Financial Services in a research report on Wednesday, October 22nd. Finally, UBS Group raised their price objective on PennyMac Financial Services from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th.

Insiders Place Their Bets

In other PennyMac Financial Services news, insider Derek Stark sold 4,750 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the sale, the insider directly owned 20,621 shares in the company, valued at approximately $2,259,236.76. This trade represents a 18.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anne Mccallion sold 27,771 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $131.55, for a total value of $3,653,275.05. Following the sale, the director owned 1,547 shares of the company’s stock, valued at $203,507.85. The trade was a 94.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 173,685 shares of company stock valued at $21,896,093. 15.80% of the stock is owned by insiders.

Institutional Investors Weigh In On PennyMac Financial Services

A number of institutional investors have recently bought and sold shares of PFSI. EverSource Wealth Advisors LLC purchased a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $26,000. CWM LLC raised its stake in shares of PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 113 shares in the last quarter. Strs Ohio purchased a new stake in shares of PennyMac Financial Services during the 1st quarter worth about $30,000. Bayforest Capital Ltd purchased a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $62,000. Finally, Harbor Capital Advisors Inc. raised its stake in shares of PennyMac Financial Services by 26.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 105 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Trading Down 2.1%

NYSE:PFSI opened at $130.18 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.03. PennyMac Financial Services has a 1-year low of $85.74 and a 1-year high of $134.56. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of 14.03 and a beta of 1.59. The stock has a fifty day simple moving average of $119.53 and a 200 day simple moving average of $105.57.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.98 by $0.39. PennyMac Financial Services had a return on equity of 11.90% and a net margin of 25.21%.The business had revenue of $632.90 million during the quarter, compared to analyst estimates of $573.46 million. During the same quarter last year, the company posted $1.30 EPS. PennyMac Financial Services’s revenue for the quarter was up 53.7% on a year-over-year basis. Sell-side 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 will be paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, November 17th. This represents a $1.20 dividend on an annualized basis and a yield of 0.9%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 12.93%.

About PennyMac Financial Services

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.