PennyMac Financial Services’ (PFSI) “Outperform” Rating Reiterated at Wedbush

PennyMac Financial Services (NYSE:PFSI)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They currently have a $130.00 price objective on the real estate investment trust’s stock. Wedbush’s target price indicates a potential upside of 28.69% from the stock’s current price.

Several other brokerages have also recently issued reports on PFSI. Barclays increased their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Piper Sandler increased their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $115.86.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $101.02 on Wednesday. PennyMac Financial Services has a fifty-two week low of $62.15 and a fifty-two week high of $119.13. The company has a market capitalization of $5.17 billion, a PE ratio of 32.07, a P/E/G ratio of 0.63 and a beta of 1.77. The company has a 50 day moving average price of $107.73 and a 200-day moving average price of $98.12. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.28%. The firm had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. During the same period last year, the firm earned $1.77 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities analysts forecast that PennyMac Financial Services will post 11.22 earnings per share for the current year.

Insider Activity

In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $99.31, for a total transaction of $993,100.00. Following the transaction, the chief executive officer now directly owns 210,604 shares in the company, valued at $20,915,083.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Joseph F. Mazzella sold 11,396 shares of PennyMac Financial Services stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the sale, the director now directly owns 105,446 shares in the company, valued at approximately $10,325,272.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $99.31, for a total value of $993,100.00. Following the completion of the transaction, the chief executive officer now directly owns 210,604 shares in the company, valued at approximately $20,915,083.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,855 shares of company stock worth $9,647,599. Insiders own 16.60% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of PennyMac Financial Services by 59.5% during the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 262 shares during the period. nVerses Capital LLC acquired a new stake in PennyMac Financial Services during the 3rd quarter valued at approximately $285,000. Creative Planning boosted its holdings in shares of PennyMac Financial Services by 17.7% in the 3rd quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock valued at $667,000 after acquiring an additional 879 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of PennyMac Financial Services by 291.8% in the third quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock worth $1,357,000 after acquiring an additional 8,871 shares during the period. Finally, Algert Global LLC purchased a new position in shares of PennyMac Financial Services during the second quarter worth $408,000. 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.