Brokerages Set PennyMac Financial Services, Inc. (NYSE:PFSI) PT at $98.13

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $97.75.

A number of research analysts have issued reports on the company. Barclays lifted their price objective on PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft lowered their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday. Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Wedbush reissued an “outperform” rating and set a $110.00 price target on shares of PennyMac Financial Services in a research report on Thursday.

PennyMac Financial Services Stock Up 0.9 %

Shares of PennyMac Financial Services stock opened at $87.01 on Friday. PennyMac Financial Services has a 1 year low of $56.16 and a 1 year high of $94.78. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 0.61 and a beta of 1.67. The company has a 50-day moving average of $87.83 and a 200 day moving average of $83.05. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.37 and a quick ratio of 0.37.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. The business had revenue of $305.66 million during the quarter, compared to the consensus estimate of $422.87 million. As a group, sell-side analysts anticipate that PennyMac Financial Services will post 10.41 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Tuesday, May 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 0.92%. PennyMac Financial Services’s dividend payout ratio is presently 27.78%.

Insider Activity

In related news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the sale, the chief executive officer now owns 250,604 shares of the company’s stock, valued at $22,734,794.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the transaction, the insider now directly owns 7,257 shares in the company, valued at $625,843.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the sale, the chief executive officer now owns 250,604 shares of the company’s stock, valued at $22,734,794.88. The disclosure for this sale can be found here. Insiders have sold 87,802 shares of company stock valued at $7,666,108 in the last ninety days. 17.40% of the stock is currently owned by company insiders.

Institutional Trading of PennyMac Financial Services

Several hedge funds have recently bought and sold shares of the stock. Dakota Wealth Management lifted its position in shares of PennyMac Financial Services by 5.4% during the 1st quarter. Dakota Wealth Management now owns 21,230 shares of the real estate investment trust’s stock valued at $1,934,000 after buying an additional 1,083 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in PennyMac Financial Services during the 1st quarter worth approximately $6,182,000. Denali Advisors LLC lifted its holdings in PennyMac Financial Services by 179.2% during the first quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock valued at $3,789,000 after purchasing an additional 26,700 shares in the last quarter. MorganRosel Wealth Management LLC lifted its holdings in PennyMac Financial Services by 2.2% during the first quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock valued at $985,000 after purchasing an additional 236 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of PennyMac Financial Services in the fourth quarter worth approximately $967,000. Institutional investors own 57.87% of the company’s stock.

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.