Piper Sandler Research Analysts Boost Earnings Estimates for PennyMac Financial Services Inc (NYSE:PFSI)

PennyMac Financial Services Inc (NYSE:PFSI) – Investment analysts at Piper Sandler lifted their Q3 2020 EPS estimates for PennyMac Financial Services in a research report issued to clients and investors on Tuesday, September 15th. Piper Sandler analyst K. Barker now anticipates that the real estate investment trust will post earnings per share of $4.95 for the quarter, up from their prior forecast of $4.77. Piper Sandler has a “Overweight” rating and a $70.00 price target on the stock. Piper Sandler also issued estimates for PennyMac Financial Services’ Q4 2020 earnings at $4.32 EPS and FY2020 earnings at $17.39 EPS.

A number of other research firms also recently issued reports on PFSI. Credit Suisse Group restated a “buy” rating on shares of PennyMac Financial Services in a report on Tuesday, September 8th. Zacks Investment Research downgraded shares of PennyMac Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 12th. Barclays lifted their target price on shares of PennyMac Financial Services from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, June 11th. Keefe, Bruyette & Woods lifted their target price on shares of PennyMac Financial Services from $40.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, JMP Securities lifted their target price on shares of PennyMac Financial Services from $40.00 to $65.00 in a research note on Friday, August 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $54.11.

NYSE PFSI opened at $58.05 on Wednesday. PennyMac Financial Services has a 52-week low of $13.14 and a 52-week high of $60.50. The company has a 50-day simple moving average of $50.94 and a 200 day simple moving average of $37.16. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $4.20 billion, a PE ratio of 5.04 and a beta of 1.22.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported $4.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $1.35. PennyMac Financial Services had a net margin of 37.77% and a return on equity of 42.33%. The business had revenue of $821.63 million during the quarter, compared to the consensus estimate of $621.75 million. The business’s revenue for the quarter was up 171.2% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 17th were given a $0.15 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, August 14th. PennyMac Financial Services’s dividend payout ratio (DPR) is 12.27%.

In other PennyMac Financial Services news, Director Stanford L. Kurland sold 1,200 shares of PennyMac Financial Services stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $52.98, for a total transaction of $63,576.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Grogin sold 9,225 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $41.40, for a total transaction of $381,915.00. The disclosure for this sale can be found here. Insiders sold 466,844 shares of company stock valued at $21,855,250 over the last 90 days. 21.48% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in PFSI. Philadelphia Financial Management of San Francisco LLC bought a new stake in PennyMac Financial Services during the first quarter valued at approximately $22,858,000. Vanguard Group Inc. lifted its position in PennyMac Financial Services by 22.6% during the second quarter. Vanguard Group Inc. now owns 3,971,743 shares of the real estate investment trust’s stock valued at $165,979,000 after purchasing an additional 732,147 shares during the last quarter. Senvest Management LLC lifted its holdings in shares of PennyMac Financial Services by 95.0% in the 1st quarter. Senvest Management LLC now owns 1,435,451 shares of the real estate investment trust’s stock worth $31,738,000 after acquiring an additional 699,281 shares during the last quarter. Basswood Capital Management L.L.C. lifted its holdings in shares of PennyMac Financial Services by 266.7% in the 1st quarter. Basswood Capital Management L.L.C. now owns 894,162 shares of the real estate investment trust’s stock worth $19,770,000 after acquiring an additional 650,321 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of PennyMac Financial Services by 77.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 923,117 shares of the real estate investment trust’s stock worth $38,577,000 after acquiring an additional 403,310 shares during the last quarter. Institutional investors and hedge funds own 53.11% of the company’s stock.

PennyMac Financial Services Company Profile

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: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.

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Earnings History and Estimates for PennyMac Financial Services (NYSE:PFSI)

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