PennyMac Financial Services (NYSE:PFSI) Price Target Cut to $110.00 by Analysts at UBS Group

PennyMac Financial Services (NYSE:PFSI - Get Free Report) had its target price dropped by equities researchers at UBS Group from $115.00 to $110.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. UBS Group's price objective suggests a potential upside of 17.01% from the stock's previous close.

PFSI has been the subject of a number of other reports. Keefe, Bruyette & Woods dropped their target price on PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating for the company in a report on Thursday. Wells Fargo & Company decreased their price objective on PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday. Piper Sandler reduced their price target on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Barclays dropped their price objective on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.67.

PennyMac Financial Services Trading Down 2.6%

Shares of PennyMac Financial Services stock traded down $2.55 on Thursday, reaching $94.01. 334,510 shares of the company were exchanged, compared to its average volume of 374,603. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 0.22 and a beta of 1.53. PennyMac Financial Services has a fifty-two week low of $85.74 and a fifty-two week high of $119.13. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 2.96. The stock has a fifty day moving average price of $98.28 and a 200-day moving average price of $99.76.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.01 by ($1.99). The company had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a return on equity of 12.34% and a net margin of 22.00%. The business's revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.85 EPS. On average, analysts expect that PennyMac Financial Services will post 13.77 EPS for the current year.

Insider Activity

In other PennyMac Financial Services news, CEO David Spector sold 5,000 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $100.81, for a total transaction of $504,050.00. Following the sale, the chief executive officer owned 135,604 shares of the company's stock, valued at approximately $13,670,239.24. The trade was a 3.56% decrease in their ownership of the stock. The transaction 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 the business's stock in a transaction on Thursday, May 15th. The stock was 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 directly owned 234,025 shares in the company, 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. Over the last ninety days, insiders sold 36,500 shares of company stock worth $3,616,005. Corporate insiders own 15.80% of the company's stock.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors have recently made changes to their positions in PFSI. T. Rowe Price Investment Management Inc. increased its stake in PennyMac Financial Services by 0.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust's stock valued at $429,454,000 after buying an additional 24,055 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of PennyMac Financial Services by 7.4% during the 4th quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock worth $294,835,000 after purchasing an additional 199,667 shares during the last quarter. FMR LLC increased its stake in shares of PennyMac Financial Services by 11.9% during the 4th quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust's stock worth $133,380,000 after purchasing an additional 138,853 shares during the last quarter. Invesco Ltd. boosted its holdings in PennyMac Financial Services by 4.5% in the 1st quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust's stock worth $123,848,000 after buying an additional 53,660 shares during the period. Finally, Orbis Allan Gray Ltd lifted its holdings in shares of PennyMac Financial Services by 447.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust's stock worth $92,779,000 after acquiring an additional 757,489 shares during the last quarter. Institutional investors and hedge funds 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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