Shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) hit a new 52-week high during trading on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $100.00 to $102.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. PennyMac Financial Services traded as high as $96.35 and last traded at $95.97, with a volume of 27015 shares. The stock had previously closed at $92.66.
Several other research firms have also weighed in on PFSI. Wedbush reissued an "outperform" rating and issued a $110.00 target price on shares of PennyMac Financial Services in a research note on Thursday, April 25th. Deutsche Bank Aktiengesellschaft cut their target price on PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating on the stock in a research note on Thursday, April 25th. Barclays raised their price target on PennyMac Financial Services from $103.00 to $112.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 9th. Finally, StockNews.com lowered PennyMac Financial Services from a "hold" rating to a "sell" rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of "Moderate Buy" and a consensus price target of $98.00.
Check Out Our Latest Stock Report on PFSI
Insider Transactions at PennyMac Financial Services
In other news, CEO David Spector sold 10,000 shares of the business's stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $90.56, for a total transaction of $905,600.00. Following the completion of the transaction, the chief executive officer now owns 230,604 shares of the company's stock, valued at approximately $20,883,498.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO David Spector sold 10,000 shares of the business's stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $90.56, for a total transaction of $905,600.00. Following the sale, the chief executive officer now owns 230,604 shares in the company, valued at approximately $20,883,498.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Doug Jones sold 30,000 shares of the business's stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $91.49, for a total value of $2,744,700.00. Following the sale, the director now owns 480,000 shares in the company, valued at approximately $43,915,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,865 shares of company stock valued at $7,124,569. Corporate insiders own 16.60% of the company's stock.
Institutional Investors Weigh In On PennyMac Financial Services
Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of PennyMac Financial Services in the 4th quarter valued at about $31,258,000. Boston Partners bought a new stake in PennyMac Financial Services in the fourth quarter worth about $28,191,000. Dimensional Fund Advisors LP lifted its stake in PennyMac Financial Services by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,691,512 shares of the real estate investment trust's stock worth $237,851,000 after purchasing an additional 70,178 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in PennyMac Financial Services in the first quarter worth about $6,182,000. Finally, Principal Financial Group Inc. lifted its stake in PennyMac Financial Services by 45.6% in the fourth quarter. Principal Financial Group Inc. now owns 162,541 shares of the real estate investment trust's stock worth $14,364,000 after purchasing an additional 50,877 shares during the last quarter. Institutional investors own 57.87% of the company's stock.
PennyMac Financial Services Trading Up 6.3 %
The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.33. The firm has a market cap of $5.01 billion, a P/E ratio of 33.48, a P/E/G ratio of 0.60 and a beta of 1.72. The company's 50 day simple moving average is $91.89 and its 200-day simple moving average is $89.19.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.14. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.48%. The firm had revenue of $305.66 million during the quarter, compared to the consensus estimate of $422.87 million. As a group, research analysts predict that PennyMac Financial Services, Inc. will post 10.55 earnings per share for the current fiscal year.
PennyMac Financial Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Tuesday, May 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Monday, May 13th. PennyMac Financial Services's payout ratio is 27.78%.
PennyMac Financial Services Company Profile
(Get Free Report)
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.
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