PennyMac Financial Services (PFSI) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of PennyMac Financial Services (NYSE:PFSI) from a hold rating to a buy rating in a research note released on Thursday. Zacks Investment Research currently has $26.00 price target on the real estate investment trust’s stock.
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. “
PFSI has been the subject of several other reports. ValuEngine raised shares of PennyMac Financial Services from a buy rating to a strong-buy rating in a report on Wednesday, November 15th. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an outperform rating to a market perform rating in a report on Monday, January 8th. Barclays set a $25.00 target price on shares of PennyMac Financial Services and gave the stock a buy rating in a report on Tuesday, December 12th. Finally, BidaskClub raised shares of PennyMac Financial Services from a sell rating to a hold rating in a report on Wednesday, September 27th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $23.50.
PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.71. The business had revenue of $250.64 million during the quarter, compared to analysts’ expectations of $238.59 million. PennyMac Financial Services had a net margin of 6.47% and a return on equity of 4.11%. The firm’s revenue for the quarter was down 14.0% compared to the same quarter last year. research analysts anticipate that PennyMac Financial Services will post 2.29 earnings per share for the current year.
In other news, insider Stanford L. Kurland sold 11,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $19.00, for a total transaction of $222,300.00. Following the completion of the transaction, the insider now directly owns 11,702 shares of the company’s stock, valued at $222,338. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anne Mccallion sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $18.50, for a total transaction of $92,500.00. The disclosure for this sale can be found here. Insiders sold 218,060 shares of company stock valued at $4,680,667 over the last ninety days. Corporate insiders own 45.64% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citigroup Inc. grew its position in PennyMac Financial Services by 1,652.1% during the second quarter. Citigroup Inc. now owns 6,150 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 5,799 shares during the period. Victory Capital Management Inc. grew its position in PennyMac Financial Services by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,964 shares of the real estate investment trust’s stock valued at $116,000 after buying an additional 1,042 shares during the period. Voya Investment Management LLC bought a new stake in PennyMac Financial Services during the second quarter valued at approximately $174,000. The Manufacturers Life Insurance Company grew its position in PennyMac Financial Services by 11.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,732 shares of the real estate investment trust’s stock valued at $213,000 after buying an additional 1,312 shares during the period. Finally, Cubist Systematic Strategies LLC grew its position in PennyMac Financial Services by 23.6% during the second quarter. Cubist Systematic Strategies LLC now owns 13,025 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 2,489 shares during the period. 90.83% of the stock is owned by hedge funds and other institutional investors.
PennyMac Financial Services Company Profile
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. The Company operates through three segments: loan production, loan servicing and investment management.
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