PennyMac Financial Services (PFSI) Downgraded by Zacks Investment Research 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, January 23rd.

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 topic of a number of other research reports. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. BidaskClub raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. ValuEngine raised PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 15th. Finally, Barclays set a $25.00 price objective on PennyMac Financial Services and gave the stock a “buy” rating in a report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $24.00.

Shares of PennyMac Financial Services (PFSI) traded up $0.65 during trading on Tuesday, reaching $23.05. The company had a trading volume of 185,512 shares, compared to its average volume of 191,281. The stock has a market cap of $515.83, a P/E ratio of 5.68, a P/E/G ratio of 1.42 and a beta of 0.64. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.16 and a current ratio of 0.16. PennyMac Financial Services has a 1 year low of $15.65 and a 1 year high of $24.00.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02). The firm had revenue of $298.63 million for the quarter, compared to analysts’ expectations of $238.86 million. PennyMac Financial Services had a return on equity of 3.62% and a net margin of 10.55%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the business earned $1.00 earnings per share. research analysts forecast that PennyMac Financial Services will post 3.13 earnings per share for the current year.

In related 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 transaction of $119,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David M. Walker sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $18.98, for a total value of $189,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 282,884 shares of company stock valued at $6,194,015 in the last 90 days. 45.64% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Basswood Capital Management L.L.C. raised its position in shares of PennyMac Financial Services by 11.8% during the fourth quarter. Basswood Capital Management L.L.C. now owns 1,784,748 shares of the real estate investment trust’s stock worth $39,889,000 after acquiring an additional 188,309 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of PennyMac Financial Services by 5.8% during the second quarter. Vanguard Group Inc. now owns 1,634,763 shares of the real estate investment trust’s stock worth $27,301,000 after purchasing an additional 90,238 shares during the period. Numeric Investors LLC grew its stake in shares of PennyMac Financial Services by 72.1% during the second quarter. Numeric Investors LLC now owns 776,152 shares of the real estate investment trust’s stock worth $12,962,000 after purchasing an additional 325,169 shares during the period. Mangrove Partners acquired a new stake in shares of PennyMac Financial Services during the third quarter worth $12,760,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of PennyMac Financial Services by 17.7% during the third quarter. Dimensional Fund Advisors LP now owns 625,742 shares of the real estate investment trust’s stock worth $11,138,000 after purchasing an additional 93,918 shares during the period. Institutional investors own 89.47% of the company’s stock.

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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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