PennyMac Financial Services (NYSE:PFSI) Cut to Hold at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of PennyMac Financial Services (NYSE:PFSI) from a moderate buy rating to a hold rating in a research report released on Monday, Marketbeat.com reports. They currently have $80.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $100.00.

Several other equities research analysts have also recently commented on the company. Piper Sandler cut their target price on PennyMac Financial Services from $86.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Stephens reduced their price target on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Wall Street Zen cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays lowered their price objective on shares of PennyMac Financial Services from $85.00 to $71.00 and set an “equal weight” rating on the stock in a report on Monday, October 5th. Finally, Weiss Ratings lowered shares of PennyMac Financial Services from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 29th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $88.71.

PennyMac Financial Services Price Performance

NYSE PFSI opened at $67.42 on Monday. The business has a 50 day simple moving average of $65.45 and a 200 day simple moving average of $83.79. PennyMac Financial Services has a 52-week low of $57.52 and a 52-week high of $160.36. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 15.15 and a beta of 1.48.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, October 29th. The real estate investment trust reported $1.05 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.22). The company had revenue of $502.00 million for the quarter, compared to analyst estimates of $531.77 million. PennyMac Financial Services had a return on equity of 8.20% and a net margin of 11.72%. The business’s quarterly revenue was down 25.9% on a year-over-year basis. During the same quarter last year, the business posted $3.37 earnings per share. Analysts anticipate that PennyMac Financial Services will post 5.78 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 16th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, November 16th. PennyMac Financial Services’s dividend payout ratio is presently 26.97%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Fulcrum Asset Management LLP increased its holdings in PennyMac Financial Services by 97.4% during the third quarter. Fulcrum Asset Management LLP now owns 8,777 shares of the real estate investment trust’s stock worth $558,000 after buying an additional 4,331 shares during the last quarter. Covestor Ltd lifted its stake in PennyMac Financial Services by 82.0% in the third quarter. Covestor Ltd now owns 770 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 347 shares during the last quarter. State of Wyoming grew its position in shares of PennyMac Financial Services by 10.2% in the 3rd quarter. State of Wyoming now owns 5,809 shares of the real estate investment trust’s stock valued at $359,000 after acquiring an additional 536 shares during the period. Berman McAleer LLC bought a new position in shares of PennyMac Financial Services in the 3rd quarter valued at about $370,000. Finally, GAMMA Investing LLC grew its position in shares of PennyMac Financial Services by 313.2% in the 3rd quarter. GAMMA Investing LLC now owns 438 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 332 shares during the period. 57.87% of the stock is owned by institutional investors and hedge funds.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a specialty financial services company focused on the U.S. residential mortgage market. Through its subsidiaries, the company originates, acquires, and services residential mortgage loans, with an emphasis on conventional, government-backed, and other mortgage products.

PennyMac’s primary businesses include mortgage production, loan servicing, and investment management. Its production platform acquires and originates loans through correspondent relationships with banks and other lenders, as well as through direct-to-consumer and broker channels.