PennyMac Financial Services Inc. (PFSI) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “PennyMac Financial Services, Inc. provides financial services primarily in the United States. The Company conducts its business in two segments: mortgage banking and investment management. Mortgage banking segment offers correspondent and retail lending businesses and loan servicing business. Investment management segment offers investment advisory and investment management services. PennyMac Financial Services, Inc. is headquartered in Moorpark, California. “
Several other equities analysts have also commented on PFSI. Citigroup Inc. increased their price objective on PennyMac Financial Services from $16.00 to $20.00 and gave the company a buy rating in a research report on Friday, September 9th. Piper Jaffray Cos. reiterated an overweight rating and set a $20.00 price objective on shares of PennyMac Financial Services in a research report on Friday, September 9th. Keefe, Bruyette & Woods set a $18.00 price objective on PennyMac Financial Services and gave the company a buy rating in a research report on Friday, August 5th. JPMorgan Chase & Co. increased their target price on PennyMac Financial Services from $14.00 to $16.50 and gave the company a neutral rating in a report on Friday, August 5th. Finally, Bank of America Corp. upgraded PennyMac Financial Services from a neutral rating to a buy rating in a report on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $17.94.
Shares of PennyMac Financial Services (NYSE:PFSI) opened at 17.54 on Friday. The company has a market capitalization of $389.27 million, a P/E ratio of 8.54 and a beta of 0.59. The firm has a 50-day moving average price of $16.33 and a 200-day moving average price of $13.56. PennyMac Financial Services has a one year low of $10.48 and a one year high of $18.13.
PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.65 EPS for the quarter, beating the consensus estimate of $0.58 by $0.07. The firm had revenue of $207.81 million for the quarter, compared to analyst estimates of $196.53 million. PennyMac Financial Services had a return on equity of 4.30% and a net margin of 6.20%. The company’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 EPS. Equities analysts forecast that PennyMac Financial Services will post $2.39 earnings per share for the current year.
In related news, insider David M. Walker sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $17.85, for a total transaction of $89,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David M. Walker sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $16.69, for a total value of $166,900.00. The disclosure for this sale can be found here. 45.97% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of PFSI. Metropolitan Life Insurance Co. NY bought a new position in PennyMac Financial Services during the second quarter worth $139,000. Societe Generale bought a new position in PennyMac Financial Services during the second quarter worth $161,000. SG Americas Securities LLC bought a new position in PennyMac Financial Services during the second quarter worth $161,000. Teachers Advisors Inc. raised its position in PennyMac Financial Services by 7.7% in the second quarter. Teachers Advisors Inc. now owns 20,232 shares of the real estate investment trust’s stock worth $253,000 after buying an additional 1,447 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in PennyMac Financial Services by 17.4% in the second quarter. Parametric Portfolio Associates LLC now owns 20,649 shares of the real estate investment trust’s stock worth $258,000 after buying an additional 3,053 shares during the period. 92.45% of the stock is owned by institutional investors.
About PennyMac Financial Services
PennyMac Financial Services, Inc (PFSI) is a financial services company. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. It operates through three segments: loan production, loan servicing and investment management.
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