Financial services

Analyst upgrade boosts PennyMac Financial Services (NYSE:PFSI) stock

Piper Sandler raised her price target for PennyMac Financial Services, Inc. (NYSE: PFSI) from $78.00 to $82.00 before trading began on Friday. The price of a share started the day at $49.99 and fell to $47.22 by the end of trading. PennyMac Financial Services shares traded for $54.00 per share, and 12,200 shares were traded in the most recent trade.

Research has recently been published on the company by several other stock analysts. The most recent events are at the center of these analyses. StockNews.com’s coverage of PennyMac Financial Services began Oct. 12 with the publication of the website’s first research report on the company, marking the start of the website’s coverage. They advised investors to “hold” the stock rather than sell it. Barclays downgraded PennyMac Financial Services from an “overweight” rating to a “neutral” rating. Additionally, they reduced their target price from $65.00 to $55.00 in a research report made publicly available on Monday, October 17. Barclays’ report has been made available to the public online. The stock was rated “Hold” by three analysts and “Buy” by four other analysts, based on the consensus of analysts polled. The stock is currently rated as having a consensus recommendation of “moderate buy” and analysts have assigned it an average price target of $63.67. This information was obtained from Bloomberg.com.
According to information from other sources, on August 8, a company insider named Derek Stark sold 5,705 shares of the company. This information was obtained from other sources. The sale of the shares brought in total gross proceeds of $323,017.10, with the average price at which each share was sold being $56.62. After completion of the transaction, the insider will directly own 54,320 shares of the company, and the total value of these shares will be $3,075,598.40. A filing that was filed with the SEC, which can be viewed on its SEC website, publicized the sale. According to information related to the previous sentence, on Monday, August 8, insider Derek Stark sold 5,705 shares of the company. On average, a share could be purchased for $56.62, resulting in income of $323,017.10 when all shares were sold. After completion of the transaction, the insider will directly own 54,320 shares of the company, and the total value of these shares will be $3,075,598.40. On the Securities and Exchange Commission website, one can find a copy of the legal filing that disclosed the transaction. This file contains transaction details (SEC). Additionally, on August 10, 45,000 shares of the company were sold by David Spector, the company’s chief executive. There were trades worth $2,636,100 in shares of the company, with each share selling for an average price of $58.58. After the completion of the sale, the CEO now directly owns 680,386 shares. Based on the current market price, these shares are worth approximately $39,857,011.88. Disclosures related to the sale can be found in this section of the website. Insiders of a company have sold 71,646 shares of the company for a combined value of $4,132,449 in the past three months. The current ownership of Company Shares by Company Insiders is 18.00%.
PFSI shares have been actively traded recently among many investors, who have bought and sold them. During the second quarter, Price T. Rowe Associates, Inc., MD increased its holdings of PennyMac Financial Services stock by 9.3%. After making additional purchases totaling 422,092 shares in the last fiscal quarter, Price T. Rowe Associates Inc. MD now has 4,940,575 shares of the real estate investment trust in its possession. The current market value of these shares is $215,953,000. Additionally, MFN Partners Management LP increased its ownership of PennyMac Financial Services by 14.0% in the first three months of the year. Following the purchase of an additional 556,274 shares during the last quarter, the value of the 4,531,792 shares of the real estate investment trust increased to $241,091,000, bringing the total investment amount to $241,091,000. . In the first three months of the year, Dimensional Fund Advisors LP acquired a 93.7% increase in its stake in PennyMac Financial Services. Following the acquisition of an additional 379,161 shares of the real estate investment trust during the period, Dimensional Fund Advisors LP now owns the company of a total of 783,884 shares. These shares are currently worth a total of $41,703,000 at this time. Goldman Sachs Group Inc. increased its holdings of PennyMac Financial Services shares by 322.3% in the first three months of the year. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trust, which is currently valued at $37,610,000 after purchasing an additional 539,539 shares during the period in question. This brings the company’s total share count to 706,965. And finally, in the first three months of this year, Renaissance Technologies LLC increased its stake in PennyMac Financial Services by 13.5% through the purchase of additional actions. During the last quarter, Renaissance Technologies LLC purchased an additional 59,300 shares, bringing their total holdings in the real estate investment trust to 498,800. These shares have a combined value of $26,536,000, making the company’s holdings worth that amount. Institutional investors and hedge funds hold 61.61% of the company’s shares.

The company has a price-to-earnings ratio of 4.58, a beta rating of 1.34, and a market capitalization of $2.94 billion. The company’s price has a 50-day moving average of $49.76, and the price has an equivalent 200-day moving average of $49.19. Moreover, there is a correlation of 0.63 between the current ratio and the quick ratio, and of 1.36 between the debt ratio and the quick ratio. Both of these correlations are positive.
PennyMac Financial Services (NYSE: PFSI), which conducted the investigation, detailed its findings in a report released Aug. 2. The real estate investment trust (REIT) reported quarterly earnings per share (EPS) of $2.28, which was $1.06 above the consensus estimate of $1.22 from industry experts. PennyMac Financial Services performed admirably, as evidenced by their high net margin of 27.37% and return on equity of 23.04%. Additionally, revenue for the quarter was significantly higher than the average projection of $475.70 million, rising to $511.52 million instead. According to research analysts’ projections, PennyMac Financial Services, Inc. will earn 7.62 cents per share in earnings for the current fiscal year.

Additionally, the company just announced and distributed a quarterly dividend, which took place on Friday, August 26. The dividend has been distributed. On Tuesday, August 16, dividend payments totaling $0.20 were paid to shareholders whose shares were registered with the company. Finally, August 15 saw the distribution of the dividend to the company’s shareholders. The result is a dividend payment of $0.80 per year and a yield of 1.51%. In the case of PennyMac Financial Services, the payout rate is 6.77%.