PennyMac Financial Services (NYSE:PFSI) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of PennyMac Financial Services (NYSE:PFSI) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

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. “

Separately, Barclays upped their price target on shares of PennyMac Financial Services from $103.00 to $113.00 in a research report on Monday, January 10th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has a consensus rating of Buy and a consensus target price of $85.75.

Shares of PFSI stock opened at $68.90 on Wednesday. PennyMac Financial Services has a one year low of $55.11 and a one year high of $71.52. The company has a debt-to-equity ratio of 2.64, a quick ratio of 0.26 and a current ratio of 0.26. The company has a 50 day moving average price of $67.38 and a 200 day moving average price of $65.01. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 3.86 and a beta of 1.21.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Thursday, November 4th. The real estate investment trust reported $3.80 EPS for the quarter, topping the consensus estimate of $3.31 by $0.49. PennyMac Financial Services had a net margin of 36.50% and a return on equity of 36.99%. The firm had revenue of $786.61 million during the quarter, compared to analyst estimates of $832.20 million. During the same quarter in the prior year, the business posted $7.03 earnings per share. PennyMac Financial Services’s revenue for the quarter was down 29.8% compared to the same quarter last year. As a group, equities analysts forecast that PennyMac Financial Services will post 20.36 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 24th. Stockholders of record on Monday, November 15th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, November 12th. This represents a $0.80 annualized dividend and a dividend yield of 1.16%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 4.48%.

In other PennyMac Financial Services news, Director Farhad Nanji purchased 9,002 shares of PennyMac Financial Services stock in a transaction dated Friday, November 26th. The shares were bought at an average cost of $64.88 per share, for a total transaction of $584,049.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David Spector sold 15,000 shares of the firm’s stock in a transaction dated Thursday, November 18th. The stock was sold at an average price of $62.28, for a total transaction of $934,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 412,554 shares of company stock valued at $26,628,876 and sold 60,000 shares valued at $4,027,950. 12.90% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Basswood Capital Management L.L.C. lifted its position in shares of PennyMac Financial Services by 27.9% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 2,462,355 shares of the real estate investment trust’s stock worth $151,977,000 after buying an additional 537,407 shares during the last quarter. Senvest Management LLC increased its holdings in shares of PennyMac Financial Services by 1.5% in the 3rd quarter. Senvest Management LLC now owns 2,016,661 shares of the real estate investment trust’s stock worth $123,278,000 after acquiring an additional 30,000 shares during the period. BlueCrest Capital Management Ltd increased its holdings in shares of PennyMac Financial Services by 91.5% in the 3rd quarter. BlueCrest Capital Management Ltd now owns 610,611 shares of the real estate investment trust’s stock worth $37,327,000 after acquiring an additional 291,799 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of PennyMac Financial Services by 86.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 600,222 shares of the real estate investment trust’s stock worth $37,045,000 after acquiring an additional 277,849 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of PennyMac Financial Services by 93.5% in the 3rd quarter. Renaissance Technologies LLC now owns 466,000 shares of the real estate investment trust’s stock worth $28,487,000 after acquiring an additional 225,200 shares during the period. Institutional investors own 61.64% of the company’s stock.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc operates as a holding company. The firm engages in the production and servicing of U.S. residential mortgage loans. It operates through the following segments: Production, Servicing, and Investment Management. The Production segment includes mortgage loan origination, acquisition, and sale activities.

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Analyst Recommendations for PennyMac Financial Services (NYSE:PFSI)

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