Zacks Investment Research lowered shares of PennyMac Financial Services (NYSE:PFSI) from a hold rating to a strong sell rating in a research note released on Wednesday.
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 PennyMac Financial Services from a hold rating to a buy rating in a research note on Tuesday, May 8th. Keefe, Bruyette & Woods raised PennyMac Financial Services from a market perform rating to an outperform rating in a research note on Monday, May 7th. Wells Fargo started coverage on PennyMac Financial Services in a research note on Wednesday, April 4th. They set an outperform rating and a $28.00 price objective for the company. Barclays set a $26.00 price objective on PennyMac Financial Services and gave the stock a buy rating in a research note on Sunday, May 6th. Finally, Wedbush started coverage on PennyMac Financial Services in a research note on Friday, February 16th. They set an outperform rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. PennyMac Financial Services presently has a consensus rating of Buy and an average target price of $25.75.
Shares of PennyMac Financial Services traded down $0.20, hitting $20.20, during mid-day trading on Wednesday, Marketbeat Ratings reports. 1,738 shares of the stock traded hands, compared to its average volume of 195,174. PennyMac Financial Services has a twelve month low of $20.35 and a twelve month high of $20.50. The stock has a market cap of $491.48 million, a PE ratio of 8.26, a price-to-earnings-growth ratio of 0.99 and a beta of 0.58. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.17 and a current ratio of 0.17.
PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Thursday, May 3rd. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.06). The firm had revenue of $238.20 million for the quarter, compared to analyst estimates of $234.60 million. PennyMac Financial Services had a net margin of 10.77% and a return on equity of 3.67%. equities research analysts predict that PennyMac Financial Services will post 2.75 earnings per share for the current year.
In related news, insider Stanford L. Kurland sold 91,038 shares of PennyMac Financial Services stock in a transaction dated Friday, April 6th. The stock was sold at an average price of $23.09, for a total transaction of $2,102,067.42. Following the sale, the insider now directly owns 149,743 shares of the company’s stock, valued at $3,457,565.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David M. Walker sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $20.61, for a total value of $206,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 432,883 shares of company stock valued at $9,849,417. Insiders own 45.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC bought a new position in PennyMac Financial Services in the 4th quarter worth approximately $163,000. Assetmark Inc. grew its position in PennyMac Financial Services by 2,681.9% in the 1st quarter. Assetmark Inc. now owns 8,012 shares of the real estate investment trust’s stock worth $181,000 after purchasing an additional 7,724 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in PennyMac Financial Services in the 1st quarter worth about $223,000. Citadel Advisors LLC bought a new stake in PennyMac Financial Services in the 4th quarter worth about $231,000. Finally, GSA Capital Partners LLP bought a new stake in PennyMac Financial Services in the 1st quarter worth about $252,000. 91.82% of the stock is currently owned by institutional investors.
About PennyMac Financial Services
PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.
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