Piper Sandler Has Lowered Expectations for PennyMac Financial Services (NYSE:PFSI) Stock Price

PennyMac Financial Services (NYSE:PFSI) had its price target lowered by investment analysts at Piper Sandler from $137.00 to $122.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective suggests a potential upside of 35.48% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Jefferies Financial Group began coverage on shares of PennyMac Financial Services in a report on Friday, December 19th. They issued a “buy” rating and a $160.00 target price on the stock. Barclays lowered their price target on shares of PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Weiss Ratings cut shares of PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. Wells Fargo & Company cut their price target on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Finally, Zacks Research cut shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $137.57.

PennyMac Financial Services Stock Down 0.1%

PFSI opened at $90.05 on Thursday. PennyMac Financial Services has a 12 month low of $82.65 and a 12 month high of $160.36. 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’s 50-day moving average price is $94.89 and its 200-day moving average price is $118.05. The company has a market cap of $4.70 billion, a P/E ratio of 9.68, a P/E/G ratio of 0.52 and a beta of 1.52.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share 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 analysts’ expectations of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The company’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.95 earnings per share. On average, equities analysts expect that PennyMac Financial Services will post 13.77 EPS for the current year.

Insider Activity at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $86.39, for a total transaction of $863,900.00. Following the sale, the chief executive officer owned 80,604 shares of the company’s stock, valued at approximately $6,963,379.56. The trade was a 11.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $93.30, for a total transaction of $272,902.50. Following the transaction, the chief financial officer owned 213,550 shares in the company, valued at $19,924,215. This represents a 1.35% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 51,280 shares of company stock worth $5,154,453. 15.80% of the stock is currently owned by insiders.

Institutional Trading of PennyMac Financial Services

Several large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new position in shares of PennyMac Financial Services in the 2nd quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd grew its stake in PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 228 shares during the period. Strs Ohio purchased a new stake in PennyMac Financial Services in the first quarter worth $30,000. Los Angeles Capital Management LLC bought a new position in PennyMac Financial Services in the fourth quarter worth $31,000. Finally, GAMMA Investing LLC raised its holdings in PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 142 shares in the last quarter. 57.87% of the stock is owned by institutional investors.

PennyMac Financial Services Company Profile

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.