PennyMac Financial Services (PFSI) – Analysts’ Recent Ratings Changes

PennyMac Financial Services (NYSE: PFSI) has recently received a number of price target changes and ratings updates:

• 4/11/2024 – PennyMac Financial Services was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 4/9/2024 – PennyMac Financial Services had its price target raised by analysts at Barclays PLC from $103.00 to $112.00. They now have an “overweight” rating on the stock.
• 4/9/2024 – PennyMac Financial Services was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating. They now have a $105.00 price target on the stock, up previously from $100.00.
• 4/3/2024 – PennyMac Financial Services was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 3/13/2024 – PennyMac Financial Services was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 3/5/2024 – PennyMac Financial Services was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $87.11 on Tuesday. PennyMac Financial Services, Inc. has a 52 week low of $56.16 and a 52 week high of $94.78. The business’s 50 day moving average price is $88.03 and its 200 day moving average price is $81.86. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 1.90. The firm has a market cap of $4.39 billion, a P/E ratio of 32.14, a P/E/G ratio of 0.59 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Thursday, February 1st. The real estate investment trust reported $1.76 EPS for the quarter, beating the consensus estimate of $1.01 by $0.75. PennyMac Financial Services had a net margin of 10.32% and a return on equity of 7.69%. The business had revenue of $361.94 million for the quarter, compared to the consensus estimate of $413.35 million. On average, sell-side analysts expect that PennyMac Financial Services, Inc. will post 10.19 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Tuesday, February 13th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, February 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.92%. PennyMac Financial Services’s payout ratio is currently 29.52%.

Insider Activity

In related news, CEO David Spector sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $87.18, for a total transaction of $1,307,700.00. Following the sale, the chief executive officer now directly owns 270,604 shares of the company’s stock, valued at $23,591,256.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO David Spector sold 15,000 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $87.18, for a total transaction of $1,307,700.00. Following the sale, the chief executive officer now directly owns 270,604 shares of the company’s stock, valued at $23,591,256.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Stanley Perotti sold 11,400 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the sale, the chief financial officer now owns 257,897 shares in the company, valued at approximately $22,823,884.50. The disclosure for this sale can be found here. Insiders sold a total of 87,802 shares of company stock valued at $7,666,108 in the last quarter. 17.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennyMac Financial Services

A number of hedge funds have recently bought and sold shares of PFSI. Citigroup Inc. raised its stake in shares of PennyMac Financial Services by 100.7% during the 1st quarter. Citigroup Inc. now owns 5,768 shares of the real estate investment trust’s stock worth $344,000 after buying an additional 850,545 shares during the period. Envestnet Asset Management Inc. lifted its holdings in PennyMac Financial Services by 7,011.7% during the first quarter. Envestnet Asset Management Inc. now owns 801,420 shares of the real estate investment trust’s stock valued at $5,283,000 after purchasing an additional 790,151 shares in the last quarter. MFN Partners Management LP lifted its holdings in PennyMac Financial Services by 14.0% during the first quarter. MFN Partners Management LP now owns 4,531,792 shares of the real estate investment trust’s stock valued at $241,091,000 after purchasing an additional 556,274 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of PennyMac Financial Services by 205.8% in the first quarter. JPMorgan Chase & Co. now owns 282,036 shares of the real estate investment trust’s stock valued at $16,812,000 after purchasing an additional 548,677 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of PennyMac Financial Services by 322.3% during the first quarter. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trust’s stock worth $37,610,000 after purchasing an additional 539,539 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

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.