PennyMac Financial Services (NYSE:PFSI) Price Target Lowered to $116.00 at Barclays
by Tristan Rich · The Markets DailyPennyMac Financial Services (NYSE:PFSI – Get Free Report) had its price target reduced by equities researchers at Barclays from $136.00 to $116.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential upside of 28.76% from the stock’s previous close.
A number of other research analysts also recently commented on the company. Zacks Research downgraded PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Weiss Ratings downgraded PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. Piper Sandler lowered their price target on PennyMac Financial Services from $137.00 to $122.00 and set an “overweight” rating on the stock in a report on Thursday. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research note on Monday, March 16th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, PennyMac Financial Services has an average rating of “Moderate Buy” and a consensus price target of $134.71.
Get Our Latest Stock Analysis on PennyMac Financial Services
PennyMac Financial Services Stock Performance
NYSE PFSI traded down $0.01 during trading hours on Monday, reaching $90.09. The company’s stock had a trading volume of 58,358 shares, compared to its average volume of 851,849. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.32. The business has a 50-day simple moving average of $94.89 and a 200 day simple moving average of $117.95. PennyMac Financial Services has a 52 week low of $82.65 and a 52 week high of $160.36. The stock has a market cap of $4.70 billion, a PE ratio of 9.67, a PEG ratio of 0.52 and a beta of 1.52.
PennyMac Financial Services (NYSE:PFSI – Get Free Report) last posted its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 EPS for the quarter, missing the consensus estimate of $3.23 by ($1.26). The company had revenue of $538.01 million for the quarter, compared to the consensus estimate of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period last year, the company posted $1.95 earnings per share. 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 other news, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $93.30, for a total transaction of $272,902.50. Following the completion of the sale, the chief financial officer directly owned 213,550 shares of the company’s stock, valued at $19,924,215. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Derek Stark sold 1,066 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $87.66, for a total value of $93,445.56. Following the completion of the transaction, the insider owned 20,944 shares of the company’s stock, valued at $1,835,951.04. This trade represents a 4.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 51,280 shares of company stock valued at $5,154,453. 15.80% of the stock is owned by insiders.
Institutional Investors Weigh In On PennyMac Financial Services
Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new stake in PennyMac Financial Services during the 2nd quarter valued at $26,000. Caitong International Asset Management Co. Ltd raised its position in PennyMac Financial Services by 7,600.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 228 shares during the period. Strs Ohio purchased a new stake in PennyMac Financial Services in the 1st quarter worth about $30,000. Los Angeles Capital Management LLC acquired a new stake in PennyMac Financial Services during the 4th quarter worth about $31,000. Finally, GAMMA Investing LLC boosted its position in PennyMac Financial Services by 97.3% during the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 142 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.
About PennyMac Financial Services
PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.
Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.