PennyMac Financial Services (NYSE:PFSI – Get Rating) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday, The Fly reports. The firm currently has a $75.00 price target on the real estate investment trust’s stock, up from their previous price target of $54.00. Wells Fargo & Company‘s target price would indicate a potential upside of 31.37% from the company’s previous close.
Several other research firms have also recently issued reports on PFSI. Piper Sandler boosted their target price on shares of PennyMac Financial Services from $78.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, October 28th. StockNews.com initiated coverage on shares of PennyMac Financial Services in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Barclays decreased their target price on shares of PennyMac Financial Services from $65.00 to $55.00 and set an “overweight” rating for the company in a research note on Monday, October 17th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.17.
PennyMac Financial Services Stock Performance
PFSI opened at $57.09 on Tuesday. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a fifty day moving average price of $50.86 and a 200 day moving average price of $50.63. PennyMac Financial Services has a 1 year low of $38.53 and a 1 year high of $71.52. The stock has a market cap of $2.86 billion, a P/E ratio of 5.45 and a beta of 1.40.
Insiders Place Their Bets
In other PennyMac Financial Services news, insider Derek Stark sold 7,500 shares of the company’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $53.86, for a total transaction of $403,950.00. Following the completion of the transaction, the insider now directly owns 46,820 shares in the company, valued at $2,521,725.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joseph F. Mazzella sold 13,000 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $54.87, for a total transaction of $713,310.00. Following the completion of the sale, the director now owns 174,891 shares of the company’s stock, valued at $9,596,269.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Derek Stark sold 7,500 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $53.86, for a total transaction of $403,950.00. Following the sale, the insider now directly owns 46,820 shares of the company’s stock, valued at approximately $2,521,725.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,676 shares of company stock worth $5,025,321. Company insiders own 18.00% of the company’s stock.
Institutional Investors Weigh In On PennyMac Financial Services
Large investors have recently modified their holdings of the business. Denali Advisors LLC grew its holdings in shares of PennyMac Financial Services by 24.1% during the second quarter. Denali Advisors LLC now owns 65,810 shares of the real estate investment trust’s stock worth $2,877,000 after buying an additional 12,800 shares in the last quarter. Swiss National Bank grew its holdings in shares of PennyMac Financial Services by 2.1% in the first quarter. Swiss National Bank now owns 111,600 shares of the real estate investment trust’s stock valued at $5,937,000 after purchasing an additional 2,300 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of PennyMac Financial Services by 2.9% in the first quarter. Teacher Retirement System of Texas now owns 9,801 shares of the real estate investment trust’s stock valued at $521,000 after purchasing an additional 272 shares during the period. Versor Investments LP purchased a new stake in shares of PennyMac Financial Services in the second quarter valued at about $667,000. Finally, Prescott Group Capital Management L.L.C. grew its holdings in shares of PennyMac Financial Services by 340.0% in the first quarter. Prescott Group Capital Management L.L.C. now owns 66,000 shares of the real estate investment trust’s stock valued at $3,511,000 after purchasing an additional 51,000 shares during the period. Hedge funds and other institutional investors own 61.61% of the company’s stock.
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. It 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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