Zacks Investment Research Lowers PennyMac Financial Services Inc (PFSI) to Sell

PennyMac Financial Services Inc (NYSE:PFSI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, May 9th.

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 a number of other research reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $21.00 price objective on shares of PennyMac Financial Services in a report on Thursday, April 6th. Instinet boosted their price objective on PennyMac Financial Services from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, February 21st. Compass Point upgraded PennyMac Financial Services from a “neutral” rating to a “buy” rating in a report on Monday, February 6th. Finally, JMP Securities cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $19.44.

Analyst Recommendations for PennyMac Financial Services (NYSE:PFSI)

PennyMac Financial Services (NYSE:PFSI) traded up 0.62% during midday trading on Tuesday, hitting $16.30. 17,355 shares of the stock were exchanged. The firm’s 50-day moving average price is $16.57 and its 200 day moving average price is $17.12. PennyMac Financial Services has a 1-year low of $11.47 and a 1-year high of $19.35. The firm has a market capitalization of $381.27 million, a P/E ratio of 5.13 and a beta of 0.56.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, May 4th. The real estate investment trust reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by $0.17. PennyMac Financial Services had a return on equity of 5.54% and a net margin of 7.09%. The business had revenue of $204.50 million for the quarter, compared to the consensus estimate of $231.82 million. During the same quarter in the previous year, the business posted $0.23 EPS. The company’s revenue for the quarter was up 42.9% on a year-over-year basis. Analysts expect that PennyMac Financial Services will post $2.68 earnings per share for the current fiscal year.

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In other PennyMac Financial Services news, CEO David Spector sold 15,624 shares of the business’s stock in a transaction that occurred on Tuesday, April 11th. The shares were sold at an average price of $16.51, for a total transaction of $257,952.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Richard Bailey sold 10,162 shares of the company’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $16.00, for a total transaction of $162,592.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 145,573 shares of company stock valued at $2,430,916. Company insiders own 45.97% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. New Amsterdam Partners LLC NY bought a new position in shares of PennyMac Financial Services during the third quarter valued at about $4,479,000. Prudential Financial Inc. increased its position in shares of PennyMac Financial Services by 3.6% in the third quarter. Prudential Financial Inc. now owns 64,185 shares of the real estate investment trust’s stock valued at $1,092,000 after buying an additional 2,230 shares during the period. SECOR Capital Advisors LP bought a new position in shares of PennyMac Financial Services during the third quarter valued at about $411,000. Russell Investments Group Ltd. bought a new position in shares of PennyMac Financial Services during the fourth quarter valued at about $440,000. Finally, Bessemer Group Inc. bought a new position in shares of PennyMac Financial Services during the fourth quarter valued at about $162,000. Institutional investors own 91.70% of the company’s stock.

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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