Zacks Investment Research Lowers PennyMac Financial Services (PFSI) to Hold
PennyMac Financial Services (NYSE:PFSI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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 brokerages have also issued reports on PFSI. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. BidaskClub upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. ValuEngine upgraded shares of PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 15th. Finally, Barclays set a $25.00 price target on shares of PennyMac Financial Services and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. PennyMac Financial Services has a consensus rating of “Buy” and a consensus target price of $23.50.
PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.71. The company had revenue of $250.64 million for the quarter, compared to analyst estimates of $238.59 million. PennyMac Financial Services had a net margin of 6.47% and a return on equity of 4.11%. The business’s quarterly revenue was down 14.0% compared to the same quarter last year. sell-side analysts forecast that PennyMac Financial Services will post 2.29 EPS for the current fiscal year.
In other PennyMac Financial Services news, insider Anne Mccallion sold 5,000 shares of PennyMac Financial Services stock in a transaction on Friday, November 10th. The shares were sold at an average price of $18.50, for a total value of $92,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stanford L. Kurland sold 11,702 shares of PennyMac Financial Services stock in a transaction on Monday, November 27th. The stock was sold at an average price of $20.00, for a total transaction of $234,040.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,060 shares of company stock valued at $4,680,667. Insiders own 45.64% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in PennyMac Financial Services by 14.5% in the second quarter. Wells Fargo & Company MN now owns 100,657 shares of the real estate investment trust’s stock worth $1,681,000 after purchasing an additional 12,778 shares during the period. Aperio Group LLC boosted its holdings in PennyMac Financial Services by 44.1% in the third quarter. Aperio Group LLC now owns 21,662 shares of the real estate investment trust’s stock worth $386,000 after purchasing an additional 6,627 shares during the period. Goldman Sachs Group Inc. boosted its holdings in PennyMac Financial Services by 275.7% in the second quarter. Goldman Sachs Group Inc. now owns 50,305 shares of the real estate investment trust’s stock worth $840,000 after purchasing an additional 36,915 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in PennyMac Financial Services by 63.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 29,800 shares of the real estate investment trust’s stock worth $498,000 after purchasing an additional 11,600 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in PennyMac Financial Services by 31.4% in the second quarter. Dimensional Fund Advisors LP now owns 531,824 shares of the real estate investment trust’s stock worth $8,882,000 after purchasing an additional 127,022 shares during the period. 89.53% of the stock is owned by hedge funds and other institutional investors.
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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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