PennyMac Financial Services (NYSE:PFSI) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of PennyMac Financial Services (NYSE:PFSI) from a buy rating to a hold rating in a research note released on Sunday.

A number of other research analysts also recently issued reports on the company. BTIG Research upped their price objective on PennyMac Financial Services from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, December 29th. UBS Group boosted their price target on shares of PennyMac Financial Services from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Zacks Research upgraded shares of PennyMac Financial Services to a “hold” rating in a research report on Friday, December 19th. Piper Sandler raised their price objective on shares of PennyMac Financial Services from $146.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wells Fargo & Company boosted their target price on shares of PennyMac Financial Services from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $153.43.

PennyMac Financial Services Trading Up 5.9%

NYSE:PFSI opened at $159.60 on Friday. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $160.36. The firm has a 50-day moving average price of $133.47 and a two-hundred day moving average price of $120.13. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 0.73 and a beta of 1.57.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. The firm had revenue of $632.90 million for the quarter, compared to the consensus estimate of $573.46 million. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The company’s revenue was up 53.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.30 EPS. On average, equities analysts expect that PennyMac Financial Services will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, November 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 12.93%.

Insider Buying and Selling

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $145.19, for a total transaction of $1,451,900.00. Following the sale, the chief executive officer owned 100,604 shares of the company’s stock, valued at $14,606,694.76. The trade was a 9.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Doug Jones sold 20,000 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $132.63, for a total value of $2,652,600.00. Following the sale, the director owned 430,000 shares in the company, valued at approximately $57,030,900. This represents a 4.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 218,129 shares of company stock valued at $28,409,467. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC purchased a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at about $26,000. Strs Ohio bought a new position in shares of PennyMac Financial Services in the first quarter worth approximately $30,000. GAMMA Investing LLC increased its position in shares of PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 142 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in PennyMac Financial Services in the second quarter valued at approximately $62,000. Finally, Harbor Capital Advisors Inc. lifted its position in PennyMac Financial Services by 26.3% during the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares during the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.