PennyMac Financial Services (PFSI) Upgraded to “Buy” at Zacks Investment Research
PennyMac Financial Services (NYSE:PFSI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $26.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.83% from the company’s current price.
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 brokerages have also issued reports on PFSI. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. Barclays set a $25.00 price target on shares of PennyMac Financial Services and gave the stock a “buy” rating in a research note on Tuesday, December 12th. ValuEngine upgraded shares of PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 15th. Finally, BidaskClub upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $23.50.
PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Thursday, November 2nd. The real estate investment trust reported $0.71 EPS for the quarter, meeting analysts’ consensus estimates of $0.71. The company had revenue of $250.64 million for the quarter, compared to analyst estimates of $238.59 million. PennyMac Financial Services had a net margin of 6.47% and a return on equity of 4.11%. PennyMac Financial Services’s quarterly revenue was down 14.0% on a year-over-year basis. research analysts anticipate that PennyMac Financial Services will post 2.29 EPS for the current year.
In related news, insider Anne Mccallion sold 5,000 shares of the business’s stock in a transaction dated Thursday, January 4th. The shares were 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 SEC, which is accessible through this link. Also, insider Doug Jones sold 15,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $21.95, for a total transaction of $329,250.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,060 shares of company stock worth $4,449,267. 45.64% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. boosted 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 worth $103,000 after buying an additional 5,799 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in PennyMac Financial Services by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,964 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 1,042 shares in the last quarter. Voya Investment Management LLC purchased a new stake in PennyMac Financial Services during the second quarter worth about $174,000. The Manufacturers Life Insurance Company boosted 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 worth $213,000 after buying an additional 1,312 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted 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 worth $218,000 after buying an additional 2,489 shares in the last quarter. 90.83% of the stock is currently owned by hedge funds and other institutional investors.
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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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