Zacks Investment Research upgraded shares of PennyMac Financial Services, Inc. (NYSE:PFSI) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday, October 17th.
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. “
Several other research analysts have also commented on PFSI. ValuEngine raised shares of PennyMac Financial Services from a buy rating to a strong-buy rating in a research note on Friday, June 23rd. Piper Jaffray Companies reissued a buy rating on shares of PennyMac Financial Services in a research note on Tuesday, September 19th. Finally, BidaskClub raised shares of PennyMac Financial Services from a sell rating to a hold rating in a research note on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $20.25.
PennyMac Financial Services (NYSE:PFSI) traded up 3.89% on Tuesday, hitting $18.70. 131,517 shares of the stock traded hands. The company’s 50 day moving average price is $17.75 and its 200-day moving average price is $17.08. PennyMac Financial Services has a 52-week low of $15.65 and a 52-week high of $19.35. The stock has a market cap of $439.64 million, a price-to-earnings ratio of 6.32 and a beta of 0.62.
PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.22). The company had revenue of $201.72 million for the quarter, compared to analysts’ expectations of $181.89 million. PennyMac Financial Services had a return on equity of 4.79% and a net margin of 6.87%. On average, analysts forecast that PennyMac Financial Services will post $2.62 earnings per share for the current fiscal year.
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In related news, insider David M. Walker sold 10,000 shares of PennyMac Financial Services stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $18.17, for a total value of $181,700.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Botein sold 2,841 shares of PennyMac Financial Services stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $17.35, for a total transaction of $49,291.35. The disclosure for this sale can be found here. Insiders sold 168,565 shares of company stock valued at $2,919,353 in the last quarter. 45.64% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of PFSI. Numeric Investors LLC grew its position in PennyMac Financial Services by 72.1% in the 2nd quarter. Numeric Investors LLC now owns 776,152 shares of the real estate investment trust’s stock valued at $12,962,000 after buying an additional 325,169 shares during the last quarter. Dimensional Fund Advisors LP grew its position in PennyMac Financial Services by 31.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 531,824 shares of the real estate investment trust’s stock valued at $8,882,000 after buying an additional 127,022 shares during the last quarter. Vanguard Group Inc. grew its position in PennyMac Financial Services by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 1,544,525 shares of the real estate investment trust’s stock valued at $26,334,000 after buying an additional 105,654 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of PennyMac Financial Services by 444.0% during the 1st quarter. Wells Fargo & Company MN now owns 87,879 shares of the real estate investment trust’s stock worth $1,498,000 after purchasing an additional 71,724 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in shares of PennyMac Financial Services during the 1st quarter worth $1,179,000. Hedge funds and other institutional investors own 87.85% of the company’s stock.
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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