PennyMac Financial Services (NYSE:PFSI) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

PennyMac Financial Services (NYSE:PFSI) had its target price raised by research analysts at Wells Fargo & Company from $115.00 to $135.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 4.92% from the stock’s current price.

A number of other brokerages have also recently weighed in on PFSI. Weiss Ratings reiterated a “hold (c)” rating on shares of PennyMac Financial Services in a research report on Wednesday, October 8th. 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. Piper Sandler boosted their target price on PennyMac Financial Services from $121.00 to $136.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $129.00 price target on the stock. in a research note on Tuesday, October 7th. Finally, UBS Group lifted their price objective on PennyMac Financial Services from $110.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $135.50.

PennyMac Financial Services Price Performance

NYSE:PFSI opened at $128.67 on Wednesday. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $134.56. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.03. The company has a market capitalization of $6.65 billion, a P/E ratio of 13.87 and a beta of 1.59. The stock’s fifty day moving average is $118.00 and its two-hundred day moving average is $104.58.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. The business had revenue of $632.90 million during the quarter, compared to analysts’ expectations of $573.46 million. PennyMac Financial Services had a return on equity of 11.90% and a net margin of 25.21%.The company’s revenue was up 53.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.30 EPS. Equities analysts expect that PennyMac Financial Services will post 13.77 EPS for the current year.

Insider Buying and Selling

In other news, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $118.42, for a total value of $592,100.00. Following the completion of the transaction, the chief executive officer owned 120,604 shares in the company, valued at approximately $14,281,925.68. This trade represents a 3.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $116.63, for a total transaction of $341,142.75. Following the sale, the chief financial officer owned 225,250 shares in the company, valued at $26,270,907.50. The trade was a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,632 shares of company stock valued at $3,998,816 in the last three months. 15.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new position in PennyMac Financial Services during the 2nd quarter worth approximately $26,000. CWM LLC raised its holdings in shares of PennyMac Financial Services by 71.5% in the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 113 shares in the last quarter. Strs Ohio purchased a new stake in shares of PennyMac Financial Services during the 1st quarter worth $30,000. Bayforest Capital Ltd acquired a new position in shares of PennyMac Financial Services during the second quarter worth $62,000. Finally, Harbor Capital Advisors Inc. increased its holdings 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 buying an additional 105 shares during the last quarter. Hedge funds and other 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.