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

PennyMac Financial Services (NYSE:PFSI) had its price objective hoisted by research analysts at Wells Fargo & Company from $110.00 to $125.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 24.46% from the company’s previous close.

Several other equities research analysts have also issued reports on PFSI. Wedbush reaffirmed an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a research report on Wednesday. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research note on Monday, July 22nd. Piper Sandler increased their target price on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays lifted 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.86.

PennyMac Financial Services Stock Up 0.4 %

PennyMac Financial Services stock traded up $0.41 during midday trading on Thursday, hitting $100.43. 49,521 shares of the stock were exchanged, compared to its average volume of 255,337. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $119.13. 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 business’s 50-day moving average price is $107.67 and its 200-day moving average price is $98.10. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 0.67 and a beta of 1.77.

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 business had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. PennyMac Financial Services’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 EPS. On average, research analysts expect that PennyMac Financial Services will post 11.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Anne Mccallion sold 23,829 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the sale, the director now owns 1,854 shares of the company’s stock, valued at $191,221.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 $20,503,272.28. 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, Director Anne Mccallion sold 23,829 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the sale, the director now directly owns 1,854 shares in the company, valued at approximately $191,221.56. The trade was 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 valued at $9,647,599 in the last quarter. Insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

A number of hedge funds have recently modified their holdings of the business. Blue Trust Inc. grew its stake in shares of PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 262 shares during the last quarter. nVerses Capital LLC bought a new position in PennyMac Financial Services in the 3rd quarter worth about $285,000. Creative Planning grew its position in PennyMac Financial Services by 17.7% during the 3rd quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock valued at $667,000 after purchasing an additional 879 shares during the last quarter. SG Americas Securities LLC increased its stake in PennyMac Financial Services by 291.8% during the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock valued at $1,357,000 after purchasing an additional 8,871 shares in the last quarter. Finally, Algert Global LLC purchased a new position in PennyMac Financial Services in the second quarter worth about $408,000. 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.