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

PennyMac Financial Services (NYSE:PFSI - Get Free Report) had its price objective boosted by research analysts at Piper Sandler from $125.00 to $132.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the real estate investment trust's stock. Piper Sandler's price target suggests a potential upside of 32.00% from the company's current price.

A number of other research firms have also commented on PFSI. StockNews.com lowered PennyMac Financial Services from a "hold" rating to a "sell" rating in a research note on Wednesday, July 3rd. Barclays increased their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price objective on the stock. in a research note on Monday, July 22nd. Finally, Wedbush increased their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $114.33.

PennyMac Financial Services Price Performance

PFSI stock traded down $3.64 on Wednesday, reaching $100.00. 750,363 shares of the company's stock were exchanged, compared to its average volume of 256,341. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75. The firm has a market cap of $5.12 billion, a PE ratio of 28.75, a P/E/G ratio of 0.67 and a beta of 1.77. PennyMac Financial Services has a twelve month low of $62.15 and a twelve month high of $119.13. The stock has a fifty day moving average of $107.66 and a 200-day moving average of $98.09.

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

Insider Transactions at PennyMac Financial Services

In other news, insider Steven Richard Bailey sold 14,130 shares of the firm's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the transaction, the insider now directly owns 14,670 shares in the company, valued at $1,714,629.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Steven Richard Bailey sold 14,130 shares of the firm's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the transaction, the insider now directly owns 14,670 shares in the company, valued at $1,714,629.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Spector sold 10,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 190,604 shares in the company, valued at approximately $20,503,272.28. This trade represents a 0.00 % decrease in their ownership of the stock. 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 three months. 16.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised 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 valued at $238,509,000 after buying an additional 8,345 shares during the period. American Century Companies Inc. grew its stake in PennyMac Financial Services by 13.2% during the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust's stock valued at $32,919,000 after purchasing an additional 40,676 shares in the last quarter. Bank of New York Mellon Corp grew its stake in PennyMac Financial Services by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust's stock valued at $17,240,000 after purchasing an additional 4,930 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in PennyMac Financial Services by 0.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 139,882 shares of the real estate investment trust's stock valued at $12,742,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Edgestream Partners L.P. grew its stake in PennyMac Financial Services by 256.9% during 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 purchasing an additional 61,087 shares in the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

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.