PennyMac Financial Services (NYSE:PFSI) Stock Price Expected to Rise, Piper Sandler Analyst Says

PennyMac Financial Services (NYSE:PFSI) had its price objective boosted by research analysts at Piper Sandler from $136.00 to $140.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price indicates a potential upside of 8.80% from the stock’s current price.

A number of other analysts have also issued reports on PFSI. Wall Street Zen raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Monday, September 29th. Wells Fargo & Company raised their target price on shares of PennyMac Financial Services from $115.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods downgraded shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $129.00 target price for the company. in a report on Tuesday, October 7th. Zacks Research raised shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Barclays lifted their price target on shares of PennyMac Financial Services from $136.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Moderate Buy” and an average target price of $135.50.

PennyMac Financial Services Stock Down 0.7%

Shares of NYSE PFSI opened at $128.67 on Wednesday. The firm has a market cap of $6.65 billion, a P/E ratio of 13.87 and a beta of 1.59. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34. PennyMac Financial Services has a 1 year low of $85.74 and a 1 year high of $134.56. The firm’s 50 day moving average price is $118.00 and its 200 day moving average price is $104.58.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.39. PennyMac Financial Services had a return on equity of 11.90% and a net margin of 25.21%.The company had revenue of $632.90 million during the quarter, compared to the consensus estimate of $573.46 million. During the same period in the previous year, the firm posted $1.30 EPS. PennyMac Financial Services’s revenue was up 53.7% on a year-over-year basis. As a group, sell-side analysts anticipate that PennyMac Financial Services will post 13.77 earnings per share for the current year.

Insider Buying and Selling at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $116.63, for a total value of $341,142.75. Following the completion of the sale, the chief financial officer owned 225,250 shares of the company’s stock, valued at $26,270,907.50. This represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Spector sold 5,000 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $118.42, for a total transaction of $592,100.00. Following the completion of the transaction, the chief executive officer directly owned 120,604 shares in the company, valued at approximately $14,281,925.68. This represents a 3.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,632 shares of company stock valued at $3,998,816 in the last ninety days. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of PennyMac Financial Services in the third quarter valued at about $448,000. Longboard Asset Management LP acquired a new position in PennyMac Financial Services during the 3rd quarter worth approximately $213,000. CWM LLC boosted its holdings in PennyMac Financial Services by 92.7% in the 3rd quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 267 shares during the period. Harbor Capital Advisors Inc. grew its position in PennyMac Financial Services by 26.3% in the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 105 shares in the last quarter. Finally, Osaic Holdings Inc. raised its stake in shares of PennyMac Financial Services by 9.3% during the second quarter. Osaic Holdings Inc. now owns 3,381 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds 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.