PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $111.00 by Analysts at Keefe, Bruyette & Woods

PennyMac Financial Services (NYSE:PFSI) had its price objective dropped by Keefe, Bruyette & Woods from $112.00 to $111.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 5.73% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PFSI. Piper Sandler upped their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Barclays upped their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Wells Fargo & Company boosted their price target on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $122.50.

PennyMac Financial Services Stock Performance

Shares of PFSI traded down $0.31 during mid-day trading on Tuesday, reaching $104.98. The company’s stock had a trading volume of 36,808 shares, compared to its average volume of 255,638. PennyMac Financial Services has a 1-year low of $79.71 and a 1-year high of $119.13. The business has a 50-day simple moving average of $105.15 and a two-hundred day simple moving average of $101.37. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. The stock has a market cap of $5.38 billion, a P/E ratio of 33.33 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI) last announced 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 analyst estimates of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $1.77 EPS. As a group, equities research analysts anticipate that PennyMac Financial Services will post 11.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $104.95, for a total transaction of $1,049,500.00. Following the transaction, the chief executive officer now directly owns 170,604 shares of the company’s stock, valued at approximately $17,904,889.80. This trade represents a 5.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steven Richard Bailey sold 14,130 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This represents a 49.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,162 shares of company stock valued at $8,540,526. Company insiders own 16.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of PennyMac Financial Services by 231.9% during the 3rd quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock valued at $133,003,000 after purchasing an additional 815,389 shares in the last quarter. State Street Corp raised its stake in PennyMac Financial Services by 6.0% during the third quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock valued at $103,911,000 after buying an additional 51,777 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of PennyMac Financial Services by 3.1% during the third quarter. Geode Capital Management LLC now owns 647,764 shares of the real estate investment trust’s stock valued at $73,841,000 after acquiring an additional 19,662 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in PennyMac Financial Services by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock valued at $50,985,000 after acquiring an additional 31,035 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings 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. 57.87% of the stock is owned by institutional investors.

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.