Wells Fargo & Company Boosts PennyMac Financial Services (NYSE:PFSI) Price Target to $125.00

PennyMac Financial Services (NYSE:PFSI - Free Report) had its price target upped by Wells Fargo & Company from $110.00 to $125.00 in a report issued on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust's stock.

Other analysts have also recently issued research reports about the stock. Wedbush reissued an "outperform" rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a research note on Wednesday. Keefe, Bruyette & Woods cut PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price target for the company. in a research note on Monday, July 22nd. Piper Sandler raised their price objective on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an "overweight" rating in a research report on Wednesday. StockNews.com cut PennyMac Financial Services from a "hold" rating to a "sell" rating in a report on Wednesday, July 3rd. Finally, Barclays raised their price target on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $115.86.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI traded up $1.06 during midday trading on Thursday, reaching $101.08. 297,663 shares of the company were exchanged, compared to its average volume of 256,542. PennyMac Financial Services has a one year low of $62.15 and a one year high of $119.13. The stock has a market cap of $5.15 billion, a P/E ratio of 34.87, a PEG ratio of 0.67 and a beta of 1.77. 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 stock's 50-day moving average price is $107.67 and its 200-day moving average price is $98.10.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly 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 for 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%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 earnings per share. On average, sell-side analysts anticipate that PennyMac Financial Services will post 11.22 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.20 annualized dividend and a yield of 1.19%. PennyMac Financial Services's payout ratio is currently 41.67%.

Insider Transactions at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 11,396 shares of the business's stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the sale, the director now directly owns 105,446 shares of the company's stock, valued at $10,325,272.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other PennyMac Financial Services news, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction on Monday, August 26th. The shares were sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the transaction, the director now directly owns 1,854 shares of the company's stock, valued at $191,221.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph F. Mazzella sold 11,396 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the sale, the director now owns 105,446 shares of the company's stock, valued at approximately $10,325,272.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,855 shares of company stock valued at $9,647,599 over the last ninety days. 16.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Denali Advisors LLC grew its holdings in shares of PennyMac Financial Services by 179.2% in the first quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust's stock valued at $3,789,000 after acquiring an additional 26,700 shares in the last quarter. Russell Investments Group Ltd. grew its position in PennyMac Financial Services by 91.3% during the first quarter. Russell Investments Group Ltd. now owns 19,246 shares of the real estate investment trust's stock valued at $1,753,000 after buying an additional 9,183 shares during the period. BNP Paribas Financial Markets increased its holdings in PennyMac Financial Services by 56.1% during the first quarter. BNP Paribas Financial Markets now owns 13,917 shares of the real estate investment trust's stock worth $1,268,000 after buying an additional 5,004 shares during the last quarter. Edgestream Partners L.P. raised its position in PennyMac Financial Services by 349.5% in the first quarter. Edgestream Partners L.P. now owns 23,774 shares of the real estate investment trust's stock worth $2,166,000 after acquiring an additional 18,485 shares during the period. Finally, Quantbot Technologies LP purchased a new position in PennyMac Financial Services in the first quarter valued at about $2,570,000. Hedge funds and other institutional investors own 57.87% 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. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.