PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $132.00 at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its price objective lifted by analysts at Piper Sandler from $125.00 to $132.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price target suggests a potential upside of 31.45% from the company’s current price.

Several other brokerages have also issued reports on PFSI. Barclays lifted their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Wedbush lifted their price target on PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective on the stock. in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $112.67.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock traded down $3.22 during trading hours on Wednesday, reaching $100.42. The company had a trading volume of 39,091 shares, compared to its average volume of 252,771. PennyMac Financial Services has a one year low of $62.15 and a one year high of $119.13. The business has a fifty day simple moving average of $107.66 and a 200 day simple moving average of $98.09. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. The firm has a market cap of $5.14 billion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 0.67 and a beta of 1.77.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). The company had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. PennyMac Financial Services’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.77 earnings per share. On average, analysts anticipate that PennyMac Financial Services will post 11.22 earnings per share for the current fiscal year.

Insider Activity at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 11,396 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the transaction, the director now owns 105,446 shares in the company, valued at $10,325,272.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Joseph F. Mazzella sold 11,396 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the transaction, the director now owns 105,446 shares in the company, valued at $10,325,272.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $107.57, for a total value of $1,075,700.00. Following the transaction, the chief executive officer now owns 190,604 shares in the company, valued at $20,503,272.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,855 shares of company stock worth $9,647,599 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 made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of PennyMac Financial Services by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after acquiring an additional 8,345 shares during the period. American Century Companies Inc. boosted its position in shares of PennyMac Financial Services by 13.2% in the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after purchasing an additional 40,676 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of PennyMac Financial Services by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after purchasing an additional 4,930 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of PennyMac Financial Services by 0.9% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 139,882 shares of the real estate investment trust’s stock worth $12,742,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its position in PennyMac Financial Services by 256.9% in the 2nd quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock valued at $8,028,000 after acquiring an additional 61,087 shares in the last quarter. Hedge funds and other institutional investors 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.