PennyMac Financial Services (NYSE:PFSI) Given Outperform Rating at Wedbush

Wedbush restated their outperform rating on shares of PennyMac Financial Services (NYSE:PFSI) in a report issued on Thursday morning, Benzinga reports. They currently have a $110.00 target price on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Financial Services’ Q3 2024 earnings at $2.87 EPS, FY2024 earnings at $10.85 EPS and FY2025 earnings at $12.70 EPS.

A number of other brokerages have also recently issued reports on PFSI. Deutsche Bank Aktiengesellschaft started coverage on shares of PennyMac Financial Services in a report on Wednesday, January 10th. They issued a buy rating and a $115.00 target price on the stock. Barclays upped their target price on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an overweight rating in a report on Tuesday, April 9th. StockNews.com raised shares of PennyMac Financial Services from a sell rating to a hold rating in a report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a market perform rating to an outperform rating and upped their price target for the company from $100.00 to $105.00 in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $97.75.

PennyMac Financial Services Trading Up 0.9 %

Shares of NYSE:PFSI opened at $87.00 on Thursday. The company’s 50-day moving average price is $87.83 and its two-hundred day moving average price is $83.25. 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 has a one year low of $56.16 and a one year high of $94.78. The stock has a market capitalization of $4.39 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 0.56 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. The company had revenue of $305.66 million for the quarter, compared to analysts’ expectations of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. On average, equities analysts forecast that PennyMac Financial Services will post 10.58 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Tuesday, May 14th will be paid a $0.20 dividend. The ex-dividend date of this dividend 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 (DPR) is currently 27.78%.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 257,897 shares in the company, valued at approximately $22,823,884.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 257,897 shares in the company, valued at approximately $22,823,884.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $90.72, for a total transaction of $907,200.00. Following the transaction, the chief executive officer now owns 250,604 shares in the company, valued at approximately $22,734,794.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,802 shares of company stock worth $7,666,108. Insiders own 17.40% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Large investors have recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of PennyMac Financial Services during the 4th quarter worth approximately $25,000. Hexagon Capital Partners LLC boosted its position in shares of PennyMac Financial Services by 128.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 205 shares in the last quarter. Parkside Financial Bank & Trust acquired a new stake in shares of PennyMac Financial Services during the 4th quarter worth approximately $36,000. Exchange Traded Concepts LLC acquired a new stake in shares of PennyMac Financial Services during the 3rd quarter worth approximately $57,000. Finally, TFO Wealth Partners LLC lifted its stake in PennyMac Financial Services by 16,300.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust’s stock valued at $101,000 after purchasing an additional 1,141 shares during the last quarter. Institutional investors and hedge funds 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.