PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $130.00 by Analysts at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its price target decreased by investment analysts at Piper Sandler from $132.00 to $130.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective suggests a potential upside of 23.33% from the stock’s current price.

A number of other analysts have also commented on PFSI. Keefe, Bruyette & Woods decreased their price objective on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. Wedbush restated an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Barclays boosted their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company lifted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Moderate Buy” and an average price target of $122.17.

PennyMac Financial Services Trading Down 8.2 %

PennyMac Financial Services stock traded down $9.41 during mid-day trading on Friday, hitting $105.41. The company’s stock had a trading volume of 162,694 shares, compared to its average volume of 307,603. The stock’s fifty day moving average is $104.67 and its two-hundred day moving average is $104.39. 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 firm has a market capitalization of $5.40 billion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 0.21 and a beta of 1.78. PennyMac Financial Services has a 1 year low of $83.03 and a 1 year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.09 by ($0.21). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. On average, analysts anticipate that PennyMac Financial Services will post 11.76 EPS for the current year.

Insider Buying and Selling

In other news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $105.04, for a total value of $1,050,400.00. Following the completion of the transaction, the chief executive officer now owns 180,604 shares in the company, valued at $18,970,644.16. This represents a 5.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $100.02, for a total transaction of $1,050,210.00. Following the completion of the sale, the chief financial officer now directly owns 225,497 shares in the company, valued at approximately $22,554,209.94. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,844 shares of company stock worth $15,079,791 in the last 90 days. Corporate insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new position in shares of PennyMac Financial Services during the third quarter valued at $37,000. Blue Trust Inc. boosted its holdings in shares of PennyMac Financial Services by 59.5% during the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 262 shares in the last quarter. KBC Group NV boosted its position in shares of PennyMac Financial Services by 20.3% during the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 226 shares in the last quarter. Quantbot Technologies LP grew its stake in PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 290 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in shares of PennyMac Financial Services in the 3rd quarter worth about $203,000. 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.