PennyMac Financial Services (NYSE:PFSI) Given New $128.00 Price Target at Piper Sandler

PennyMac Financial Services (NYSE:PFSI) had its price target lowered by investment analysts at Piper Sandler from $130.00 to $128.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price indicates a potential upside of 34.62% from the stock’s previous close.

PFSI has been the subject of several other reports. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 target price for the company in a report on Tuesday, April 8th. UBS Group decreased their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.86.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $95.08 on Wednesday. PennyMac Financial Services has a twelve month low of $83.03 and a twelve month high of $119.13. The company has a quick ratio of 0.38, a current ratio of 0.26 and a debt-to-equity ratio of 3.22. The company has a market capitalization of $4.89 billion, a P/E ratio of 16.28, a PEG ratio of 0.19 and a beta of 1.73. The stock’s 50 day moving average is $98.86 and its 200 day moving average is $102.39.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $2.99 by ($1.57). The company had revenue of $430.90 million during the quarter, compared to analysts’ expectations of $520.42 million. PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. During the same period in the prior year, the company posted $0.74 earnings per share. On average, equities research analysts predict that PennyMac Financial Services will post 13.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark Elbaum sold 410 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total transaction of $42,180.80. Following the completion of the sale, the insider now directly owns 4,207 shares in the company, valued at approximately $432,816.16. The trade was a 8.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Friday, February 14th. The stock was sold at an average price of $101.49, for a total transaction of $1,065,645.00. Following the transaction, the chief financial officer now owns 214,997 shares in the company, valued at $21,820,045.53. This represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,464 shares of company stock valued at $4,540,867 over the last 90 days. Company insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. bought a new position in shares of PennyMac Financial Services during the 4th quarter valued at approximately $39,000. Sterling Capital Management LLC boosted its position in shares of PennyMac Financial Services by 601.8% in the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 343 shares during the period. Aquatic Capital Management LLC purchased a new stake in shares of PennyMac Financial Services in the fourth quarter worth $71,000. Parkside Financial Bank & Trust raised its position in shares of PennyMac Financial Services by 54.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 389 shares during the period. Finally, KBC Group NV lifted its stake in shares of PennyMac Financial Services by 15.6% during the 4th quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 209 shares in the last quarter. 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.