BTIG Research Issues Pessimistic Forecast for PennyMac Financial Services (NYSE:PFSI) Stock Price

PennyMac Financial Services (NYSE:PFSI) had its price target cut by BTIG Research from $90.00 to $80.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s price target would suggest a potential upside of 34.12% from the company’s previous close.

Several other research firms have also recently weighed in on PFSI. Stephens dropped their price target on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Piper Sandler decreased their price objective on PennyMac Financial Services from $86.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Company lowered their price objective on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Wall Street Zen downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Barclays dropped their target price on PennyMac Financial Services from $85.00 to $71.00 and set an “equal weight” rating for the company in a report on Monday, October 5th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.00.

PennyMac Financial Services Trading Up 1.4%

Shares of PFSI stock opened at $59.65 on Monday. The firm has a 50 day moving average price of $69.82 and a two-hundred day moving average price of $80.06. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22. The company has a market capitalization of $3.10 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 0.58 and a beta of 1.45. PennyMac Financial Services has a 12-month low of $58.45 and a 12-month high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%. The firm had revenue of $496.96 million for the quarter, compared to the consensus estimate of $571.60 million. During the same quarter in the prior year, the firm earned $2.54 EPS. The company’s revenue was up 11.8% on a year-over-year basis. As a group, analysts predict that PennyMac Financial Services will post 7.09 earnings per share for the current year.

Hedge Funds Weigh In On PennyMac Financial Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new position in PennyMac Financial Services in the 2nd quarter valued at about $1,713,000. BlueCrest Capital Management Ltd lifted its holdings in shares of PennyMac Financial Services by 12.8% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 396,103 shares of the real estate investment trust’s stock worth $34,501,000 after acquiring an additional 45,008 shares during the period. Legal & General Group Plc bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth approximately $2,250,000. Donald Smith & CO. Inc. bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth approximately $163,940,000. Finally, K2 Principal Fund L.P. acquired a new stake in shares of PennyMac Financial Services during the 2nd quarter worth approximately $13,916,000. 57.87% of the stock is owned by institutional investors and hedge funds.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE:PFSI) is a financial services company focused on the U.S. residential mortgage market. Through its operating subsidiaries, the company originates, acquires, services and manages investments in residential mortgage loans and related assets.

PennyMac’s business includes mortgage loan production through correspondent and consumer-direct channels, mortgage servicing and loan administration, and investment management activities. Its services support homeowners, mortgage originators and institutional investors across the residential lending lifecycle, including loan fulfillment, servicing and asset management.

The company was established in 2008 and serves customers and business partners throughout the United States.