Zacks Investment Research Upgrades PennyMac Financial Services (PFSI) 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 published on Thursday morning. The brokerage currently has $26.00 target price 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. “
Other equities analysts have also issued research reports about the company. BidaskClub raised PennyMac Financial Services from a sell rating to a hold rating in a research note on Wednesday, September 27th. Barclays set a $25.00 price objective on PennyMac Financial Services and gave the stock a buy rating in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an outperform rating to a market perform rating in a research note on Monday, January 8th. Finally, ValuEngine raised PennyMac Financial Services from a buy rating to a strong-buy rating in a research note on Wednesday, November 15th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $23.50.
PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.71. The firm had revenue of $250.64 million during the quarter, compared to analyst estimates of $238.59 million. PennyMac Financial Services had a return on equity of 4.11% and a net margin of 6.47%. The business’s revenue for the quarter was down 14.0% on a year-over-year basis. sell-side analysts forecast 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 firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stanford L. Kurland sold 11,700 shares of the firm’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 value of $222,300.00. Following the completion of the sale, the insider now directly owns 11,702 shares of the company’s stock, valued at $222,338. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,060 shares of company stock valued at $4,680,667. 45.64% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Citigroup Inc. lifted 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 valued at $103,000 after purchasing an additional 5,799 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of PennyMac Financial Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,964 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 1,042 shares during the last quarter. Voya Investment Management LLC bought a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at approximately $174,000. The Manufacturers Life Insurance Company lifted its stake in shares of PennyMac Financial Services by 11.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,732 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 1,312 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of PennyMac Financial Services by 23.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,025 shares of the real estate investment trust’s stock valued at $218,000 after purchasing an additional 2,489 shares during the last quarter. 90.83% of the stock is owned by institutional investors and hedge funds.
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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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