PennyMac Financial Services (NYSE:PFSI) Rating Increased to Outperform at Keefe, Bruyette & Woods

PennyMac Financial Services (NYSE:PFSI) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a $114.00 target price on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 16.22% from the stock’s current price.

Separately, Piper Sandler dropped their price target on shares of PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat.com, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.67.

PennyMac Financial Services Stock Up 2.3 %

Shares of PFSI opened at $98.09 on Tuesday. The stock has a 50 day moving average price of $101.97 and a 200 day moving average price of $103.96. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 0.19 and a beta of 1.73. PennyMac Financial Services has a one year low of $83.03 and a one year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. Equities research analysts forecast that PennyMac Financial Services will post 13.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PennyMac Financial Services news, insider James Follette sold 1,983 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $99.93, for a total transaction of $198,161.19. Following the sale, the insider now directly owns 10,497 shares in the company, valued at approximately $1,048,965.21. The trade was a 15.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Abbie Tidmore sold 2,669 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $102.55, for a total transaction of $273,705.95. Following the transaction, the executive now owns 4,878 shares of the company’s stock, valued at $500,238.90. This trade represents a 35.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,464 shares of company stock worth $5,037,767 in the last 90 days. Company insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in PennyMac Financial Services in the fourth quarter valued at approximately $38,004,000. Millennium Management LLC increased its position in shares of PennyMac Financial Services by 104.5% in the fourth quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust’s stock worth $52,967,000 after acquiring an additional 264,956 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of PennyMac Financial Services by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust’s stock valued at $294,835,000 after acquiring an additional 199,667 shares during the period. Boston Partners boosted its position in PennyMac Financial Services by 50.1% during the 4th quarter. Boston Partners now owns 497,080 shares of the real estate investment trust’s stock worth $51,313,000 after purchasing an additional 165,997 shares during the period. Finally, FMR LLC increased its holdings in PennyMac Financial Services by 11.9% in the 4th quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust’s stock valued at $133,380,000 after purchasing an additional 138,853 shares in 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.