PennyMac Financial Services (NYSE:PFSI) Stock Rating Reaffirmed by Wedbush

PennyMac Financial Services (NYSE:PFSI)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $130.00 price target on the real estate investment trust’s stock. Wedbush’s price objective points to a potential upside of 24.92% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target for the company. in a report on Monday, July 22nd. Piper Sandler boosted their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays boosted their target price 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, StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, PennyMac Financial Services presently has a consensus rating of “Hold” and a consensus price target of $114.33.

PennyMac Financial Services Stock Performance

NYSE:PFSI traded up $0.43 during trading hours on Wednesday, reaching $104.07. The stock had a trading volume of 268,886 shares, compared to its average volume of 253,993. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a 50 day simple moving average of $107.66 and a 200 day simple moving average of $98.09. PennyMac Financial Services has a 12-month low of $62.15 and a 12-month high of $119.13. The stock has a market cap of $5.33 billion, a P/E ratio of 28.75, a price-to-earnings-growth ratio of 0.67 and a beta of 1.77.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The firm had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. During the same period in the prior year, the business earned $1.77 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, research analysts forecast that PennyMac Financial Services will post 11.22 EPS for the current fiscal year.

Insider Buying and Selling at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the 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 of the company’s stock, valued at approximately $20,503,272.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Steven Richard Bailey sold 14,130 shares of the 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 transaction, the insider now owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the company’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 sale, the chief executive officer now owns 190,604 shares in the company, valued at $20,503,272.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,855 shares of company stock valued at $9,647,599 in the last 90 days. Insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in PFSI. Vanguard Group Inc. grew its stake in shares of PennyMac Financial Services by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,610,041 shares of the real estate investment trust’s stock worth $230,649,000 after buying an additional 19,748 shares during the last quarter. MorganRosel Wealth Management LLC grew its stake in shares of PennyMac Financial Services by 2.2% in the 1st quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock worth $985,000 after buying an additional 236 shares during the last quarter. Denali Advisors LLC grew its stake in shares of PennyMac Financial Services by 179.2% in the 1st quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock worth $3,789,000 after buying an additional 26,700 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in PennyMac Financial Services by 56.1% during the 1st quarter. BNP Paribas Financial Markets now owns 13,917 shares of the real estate investment trust’s stock valued at $1,268,000 after purchasing an additional 5,004 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in PennyMac Financial Services during the 1st quarter valued at $2,570,000. Hedge funds and other 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.