PennyMac Financial Services (PFSI) Downgraded to Hold at Zacks Investment Research
PennyMac Financial Services (NYSE:PFSI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
A number of other equities analysts also recently issued reports on the company. ValuEngine upgraded PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a research 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 research report on Tuesday, December 12th. Piper Jaffray Companies restated a “buy” rating on shares of PennyMac Financial Services in a research report on Tuesday, September 19th. Finally, BidaskClub upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $23.75.
Shares of PennyMac Financial Services (PFSI) traded up $0.10 on Friday, hitting $23.80. The stock had a trading volume of 124,351 shares, compared to its average volume of 284,420. PennyMac Financial Services has a 52 week low of $15.65 and a 52 week high of $24.00. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $554.27, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 1.62 and a beta of 0.68.
PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.71. PennyMac Financial Services had a return on equity of 4.11% and a net margin of 6.47%. The company had revenue of $250.64 million during the quarter, compared to the consensus estimate of $238.59 million. The firm’s revenue for the quarter was down 14.0% compared to the same quarter last year. research analysts predict that PennyMac Financial Services will post 2.29 EPS for the current fiscal year.
In other PennyMac Financial Services news, insider Stanford L. Kurland sold 11,702 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $20.00, for a total value of $234,040.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Spector sold 10,416 shares of PennyMac Financial Services stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $22.31, for a total value of $232,380.96. The disclosure for this sale can be found here. Insiders have sold 198,060 shares of company stock valued at $4,149,517 over the last 90 days. 45.64% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its holdings in PennyMac Financial Services by 2.9% in the second quarter. California State Teachers Retirement System now owns 28,126 shares of the real estate investment trust’s stock worth $470,000 after purchasing an additional 800 shares in the last quarter. Victory Capital Management Inc. increased its holdings in PennyMac Financial Services by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,964 shares of the real estate investment trust’s stock worth $116,000 after purchasing an additional 1,042 shares in the last quarter. Alliancebernstein L.P. increased its holdings in PennyMac Financial Services by 0.6% in the second quarter. Alliancebernstein L.P. now owns 176,645 shares of the real estate investment trust’s stock worth $2,950,000 after purchasing an additional 1,100 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in PennyMac Financial Services by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 12,732 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 1,312 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in PennyMac Financial Services by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 105,934 shares of the real estate investment trust’s stock worth $1,769,000 after purchasing an additional 2,352 shares in the last quarter. Institutional investors and hedge funds own 90.83% of the company’s stock.
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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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