Wells Fargo & Company Lowers PennyMac Financial Services (NYSE:PFSI) Price Target to $115.00

PennyMac Financial Services (NYSE:PFSI - Get Free Report) had its price objective reduced by analysts at Wells Fargo & Company from $120.00 to $115.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price objective points to a potential upside of 22.40% from the stock's previous close.

Several other research analysts have also recently weighed in on PFSI. Barclays lowered their target price on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. Piper Sandler lowered their target price on PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, July 1st. Keefe, Bruyette & Woods boosted their target price on PennyMac Financial Services from $114.00 to $121.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Finally, UBS Group reiterated a "neutral" rating and issued a $115.00 price objective (up from $110.00) on shares of PennyMac Financial Services in a report on Tuesday, July 15th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $118.67.

PennyMac Financial Services Price Performance

NYSE:PFSI traded up $0.70 during trading hours on Wednesday, hitting $93.96. 460,395 shares of the stock were exchanged, compared to its average volume of 479,377. PennyMac Financial Services has a 52-week low of $85.74 and a 52-week high of $119.13. The firm's fifty day moving average price is $97.93 and its 200 day moving average price is $99.65. 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 company has a market cap of $4.85 billion, a P/E ratio of 13.03, a P/E/G ratio of 0.20 and a beta of 1.53.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share 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 analyst estimates of $547.44 million. PennyMac Financial Services had a return on equity of 12.34% and a net margin of 22.00%. The company's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.85 earnings per share. As a group, equities research analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 10,500 shares of the company'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 transaction, the chief financial officer directly owned 234,025 shares in the company, valued at $23,273,786.25. This represents a 4.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Spector sold 5,000 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $100.81, for a total value of $504,050.00. Following the transaction, the chief executive officer owned 135,604 shares in the company, valued at $13,670,239.24. This trade represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,500 shares of company stock worth $3,616,005 over the last ninety days. Corporate insiders own 15.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 113 shares during the period. Strs Ohio purchased a new stake in shares of PennyMac Financial Services during the first quarter worth $30,000. TD Waterhouse Canada Inc. purchased a new stake in shares of PennyMac Financial Services during the fourth quarter worth $39,000. Sterling Capital Management LLC increased its position in shares of PennyMac Financial Services by 601.8% during the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 343 shares during the period. Finally, Aquatic Capital Management LLC purchased a new stake in shares of PennyMac Financial Services during the fourth quarter worth $71,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Company Profile

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.