Piper Sandler Cuts PennyMac Financial Services (NYSE:PFSI) Price Target to $79.00

PennyMac Financial Services (NYSE:PFSIGet Rating) had its price target trimmed by Piper Sandler from $82.00 to $79.00 in a research note published on Tuesday, The Fly reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

A number of other research firms also recently commented on PFSI. Credit Suisse Group reduced their price objective on shares of PennyMac Financial Services to $66.00 and set a neutral rating for the company in a research note on Thursday, May 19th. Barclays reduced their price target on PennyMac Financial Services from $103.00 to $90.00 in a research report on Monday, May 9th. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a research report on Thursday, May 19th. JMP Securities cut their price objective on PennyMac Financial Services from $75.00 to $65.00 and set a buy rating for the company in a report on Wednesday, May 25th. Finally, BTIG Research assumed coverage on shares of PennyMac Financial Services in a report on Wednesday, April 20th. They set a buy rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $75.00.

Shares of PennyMac Financial Services stock opened at $45.61 on Tuesday. The firm has a market cap of $2.53 billion, a PE ratio of 3.66 and a beta of 1.21. The business’s 50 day simple moving average is $46.64 and its 200 day simple moving average is $55.15. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.31 and a current ratio of 0.31. PennyMac Financial Services has a 52-week low of $38.53 and a 52-week high of $71.52.

PennyMac Financial Services (NYSE:PFSIGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $2.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.05. PennyMac Financial Services had a net margin of 27.78% and a return on equity of 25.12%. The company had revenue of $657.50 million for the quarter, compared to the consensus estimate of $622.14 million. During the same period last year, the company earned $5.15 earnings per share. The firm’s revenue was down 30.4% compared to the same quarter last year. As a group, equities research analysts predict that PennyMac Financial Services will post 6.83 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 27th. Investors of record on Tuesday, May 17th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Monday, May 16th. PennyMac Financial Services’s payout ratio is presently 6.42%.

In other news, insider Doug Jones sold 20,014 shares of the stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $46.50, for a total value of $930,651.00. Following the transaction, the insider now directly owns 47,349 shares of the company’s stock, valued at $2,201,728.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Vandad Fartaj sold 2,500 shares of PennyMac Financial Services stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $45.16, for a total transaction of $112,900.00. Following the sale, the executive now directly owns 108,634 shares of the company’s stock, valued at approximately $4,905,911.44. The disclosure for this sale can be found here. Insiders have sold a total of 35,514 shares of company stock valued at $1,695,111 in the last ninety days. Insiders own 18.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vise Technologies Inc. bought a new stake in PennyMac Financial Services in the 1st quarter valued at $276,000. Neuberger Berman Group LLC boosted its position in shares of PennyMac Financial Services by 13.7% in the first quarter. Neuberger Berman Group LLC now owns 3,914 shares of the real estate investment trust’s stock valued at $208,000 after acquiring an additional 472 shares during the period. Advisors Asset Management Inc. acquired a new position in shares of PennyMac Financial Services in the first quarter valued at about $168,000. Quantbot Technologies LP bought a new position in PennyMac Financial Services during the first quarter worth about $281,000. Finally, Goldman Sachs Group Inc. raised its stake in PennyMac Financial Services by 322.3% in the 1st 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. Institutional investors own 62.61% of the company’s stock.

About PennyMac Financial Services (Get Rating)

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It 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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