Barclays Issues Pessimistic Forecast for PennyMac Financial Services (NYSE:PFSI) Stock Price

PennyMac Financial Services (NYSE:PFSI - Get Free Report) had its price objective lowered by equities researchers at Barclays from $124.00 to $119.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the real estate investment trust's stock. Barclays's price objective suggests a potential upside of 17.74% from the company's current price.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods upgraded PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price target for the company in a research report on Tuesday, April 8th. Piper Sandler decreased their target price on PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, July 1st. Wells Fargo & Company decreased their target price on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, UBS Group decreased their target price on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.67.

PennyMac Financial Services Trading Up 0.9%

PFSI traded up $0.94 during trading on Tuesday, reaching $101.07. The company had a trading volume of 74,469 shares, compared to its average volume of 323,071. The stock has a market cap of $5.22 billion, a P/E ratio of 15.50, a PEG ratio of 0.21 and a beta of 1.53. The business has a 50 day simple moving average of $97.55 and a 200-day simple moving average of $99.80. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $119.13. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (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 the consensus estimate of $520.42 million. PennyMac Financial Services had a return on equity of 14.78% and a net margin of 20.27%. During the same quarter in the prior year, the business earned $0.74 earnings per share. On average, equities analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Spector sold 5,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $98.29, for a total value of $491,450.00. Following the completion of the sale, the chief executive officer owned 140,604 shares in the company, valued at approximately $13,819,967.16. The trade was a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $99.45, for a total transaction of $1,044,225.00. Following the completion of the sale, the chief financial officer owned 234,025 shares of the company's stock, valued at approximately $23,273,786.25. This represents a 4.29% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,500 shares of company stock worth $3,111,955. 15.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its stake in PennyMac Financial Services by 1.6% in the first quarter. Rhumbline Advisers now owns 42,208 shares of the real estate investment trust's stock valued at $4,225,000 after purchasing an additional 679 shares during the last quarter. Strs Ohio purchased a new position in PennyMac Financial Services in the first quarter valued at about $30,000. Intech Investment Management LLC grew its stake in PennyMac Financial Services by 5.8% in the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust's stock valued at $1,540,000 after purchasing an additional 840 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in PennyMac Financial Services in the first quarter valued at about $18,701,000. Finally, Millennium Management LLC grew its stake in PennyMac Financial Services by 48.8% in the first quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust's stock valued at $77,245,000 after purchasing an additional 253,031 shares during 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.

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