PennyMac Financial Services (NYSE:PFSI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
Other analysts have also issued research reports about the company. ValuEngine raised PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 15th. 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. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $24.00.
PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Thursday, February 8th. The real estate investment trust reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02). The business had revenue of $298.63 million during the quarter, compared to the consensus estimate 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 in the previous year, the business posted $1.00 EPS. sell-side analysts expect that PennyMac Financial Services will post 3.13 earnings per share for the current year.
In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 5,442 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $19.42, for a total transaction of $105,683.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anne Mccallion sold 1,524 shares of the business’s stock in a transaction dated Saturday, April 21st. The shares were sold at an average price of $16.60, for a total value of $25,298.40. The disclosure for this sale can be found here. Insiders sold 272,884 shares of company stock valued at $6,004,215 in the last ninety days. 45.64% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Citigroup Inc. grew its holdings in PennyMac Financial Services by 1,652.1% during the second quarter. Citigroup Inc. now owns 6,150 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 5,799 shares during the period. Voya Investment Management LLC bought a new stake in PennyMac Financial Services during the second quarter valued at about $174,000. Victory Capital Management Inc. grew its holdings in PennyMac Financial Services by 52.0% during the third quarter. Victory Capital Management Inc. now owns 10,585 shares of the real estate investment trust’s stock valued at $188,000 after purchasing an additional 3,621 shares during the period. The Manufacturers Life Insurance Company grew its holdings in PennyMac Financial Services by 11.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,732 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 1,312 shares during the period. Finally, Cubist Systematic Strategies LLC grew its holdings in PennyMac Financial Services by 23.6% during the second quarter. Cubist Systematic Strategies LLC now owns 13,025 shares of the real estate investment trust’s stock valued at $218,000 after purchasing an additional 2,489 shares during the period. 89.47% of the stock is owned by institutional investors and hedge funds.
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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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