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

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

Several other equities research analysts 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. Wedbush upped their price objective 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. Barclays upped their price objective 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. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $112.67.

PennyMac Financial Services Stock Performance

PFSI traded down $3.22 during mid-day trading on Wednesday, reaching $100.42. 39,091 shares of the company traded hands, compared to its average volume of 252,771. The stock has a market capitalization of $5.14 billion, a P/E ratio of 28.61, a P/E/G 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 company’s fifty day moving average price is $107.66 and its 200-day moving average price is $98.09. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $119.13.

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

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Steven Richard Bailey sold 14,130 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, the director now directly owns 105,446 shares of the company’s stock, valued at approximately $10,325,272.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,855 shares of company stock valued at $9,647,599 in the last 90 days. Insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in PennyMac Financial Services by 0.3% in the first quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after purchasing an additional 8,345 shares during the last quarter. American Century Companies Inc. lifted its stake in PennyMac Financial Services by 13.2% in the second 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 during the last quarter. Bank of New York Mellon Corp lifted its stake in PennyMac Financial Services by 2.8% in the second 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 during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in PennyMac Financial Services by 0.9% in the first 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 during the last quarter. Finally, Edgestream Partners L.P. lifted its stake in PennyMac Financial Services by 256.9% in the second quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock worth $8,028,000 after purchasing an additional 61,087 shares during the last quarter. 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.