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 report issued on Saturday. They currently have $27.00 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. “
A number of other research analysts have also issued reports on PFSI. Piper Jaffray Companies reiterated a buy rating on shares of PennyMac Financial Services in a research report on Tuesday, September 19th. BidaskClub upgraded PennyMac Financial Services from a sell rating to a hold rating in a research report on Wednesday, September 27th. ValuEngine upgraded PennyMac Financial Services from a buy rating to a strong-buy rating in a research report on Wednesday, November 15th. Finally, Barclays set a $25.00 price target on PennyMac Financial Services and gave the stock a buy rating in a research report on Tuesday, December 12th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $23.75.
PennyMac Financial Services (NYSE:PFSI) opened at $23.25 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.16 and a current ratio of 0.16. PennyMac Financial Services has a 12-month low of $15.65 and a 12-month high of $24.00. The stock has a market capitalization of $541.46, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 1.62 and a beta of 0.68.
PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.71. PennyMac Financial Services had a return on equity of 4.11% and a net margin of 6.47%. The company had revenue of $250.64 million during the quarter, compared to analyst estimates of $238.59 million. The company’s revenue for the quarter was down 14.0% compared to the same quarter last year. sell-side analysts expect that PennyMac Financial Services will post 2.29 earnings per share for the current fiscal year.
In other news, insider Anne Mccallion sold 5,000 shares of the business’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $23.82, for a total value of $119,100.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Doug Jones sold 15,000 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $21.95, for a total value of $329,250.00. The disclosure for this sale can be found here. Insiders sold a total of 203,060 shares of company stock worth $4,268,617 in the last three months. Company insiders own 45.64% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PFSI. Citigroup Inc. raised its stake in shares of PennyMac Financial Services by 1,652.1% in the 2nd quarter. Citigroup Inc. now owns 6,150 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 5,799 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of 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 worth $116,000 after purchasing an additional 1,042 shares during the period. Voya Investment Management LLC acquired a new stake in shares of PennyMac Financial Services during the second quarter worth $174,000. The Manufacturers Life Insurance Company raised its position in shares of 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 worth $213,000 after purchasing an additional 1,312 shares during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of 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 worth $218,000 after purchasing an additional 2,489 shares during the period. 90.83% of the stock is currently 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. The Company operates through three segments: loan production, loan servicing and investment management.
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