PennyMac Financial Services (NYSE:PFSI) Price Target Raised to $29.00 at Credit Suisse Group

PennyMac Financial Services (NYSE:PFSI) had its price objective upped by Credit Suisse Group from $24.00 to $29.00 in a report issued on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the real estate investment trust’s stock.

PFSI has been the subject of several other research reports. TheStreet upgraded shares of PennyMac Financial Services from a c+ rating to a b+ rating in a research note on Wednesday, August 14th. Zacks Investment Research upgraded shares of PennyMac Financial Services from a hold rating to a strong-buy rating and set a $26.00 price target for the company in a research note on Wednesday, July 17th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $26.67.

NYSE:PFSI opened at $28.50 on Wednesday. The company has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $23.01. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 0.85 and a beta of 0.48. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 1.89. PennyMac Financial Services has a 52 week low of $18.77 and a 52 week high of $28.83.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.15. The business had revenue of $302.98 million during the quarter, compared to the consensus estimate of $267.80 million. PennyMac Financial Services had a net margin of 16.34% and a return on equity of 9.76%. On average, analysts expect that PennyMac Financial Services will post 3.36 EPS for the current year.

In related news, insider Anne Mccallion sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $21.51, for a total transaction of $107,550.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stanford L. Kurland sold 45,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $28.25, for a total transaction of $1,271,250.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,000 shares of company stock valued at $4,993,940. Insiders own 22.17% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. New York State Teachers Retirement System acquired a new position in shares of PennyMac Financial Services during the first quarter worth $38,000. Point72 Hong Kong Ltd grew its stake in shares of PennyMac Financial Services by 179.2% during the second quarter. Point72 Hong Kong Ltd now owns 2,010 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 1,290 shares in the last quarter. Bank of Montreal Can grew its stake in shares of PennyMac Financial Services by 490.0% during the second quarter. Bank of Montreal Can now owns 2,602 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 2,161 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of PennyMac Financial Services during the second quarter worth $65,000. Finally, SG Americas Securities LLC acquired a new position in shares of PennyMac Financial Services during the second quarter worth $102,000. Hedge funds and other institutional investors own 32.00% 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. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.

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