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 research report issued to clients and investors on Saturday. The firm currently has a $27.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.45% from the stock’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 equities analysts have also commented on PFSI. BidaskClub raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Piper Jaffray Companies reissued a “buy” rating on shares of PennyMac Financial Services in a research note on Tuesday, September 19th. Barclays set a $25.00 price target on PennyMac Financial Services and gave the company a “buy” rating in a research note on Tuesday, December 12th. Finally, ValuEngine raised PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 15th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $23.75.

PennyMac Financial Services (NYSE PFSI) opened at $23.80 on Friday. The firm has a market capitalization of $551.93, a PE ratio of 9.05, a PEG ratio of 1.61 and a beta of 0.68. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.16 and a quick ratio of 0.16. PennyMac Financial Services has a one year low of $15.65 and a one year high of $24.00.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.71 EPS for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $238.59 million. PennyMac Financial Services’s revenue was down 14.0% on a year-over-year basis. research analysts forecast that PennyMac Financial Services will post 2.29 EPS for the current year.

In other PennyMac Financial Services news, Director Matthew Botein sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $23.79, for a total transaction of $237,900.00. Following the sale, the director now directly owns 34,741 shares in the company, valued at $826,488.39. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David M. Walker sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $18.13, for a total value of $90,650.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,060 shares of company stock valued at $4,149,517. 45.64% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN raised its position in PennyMac Financial Services by 14.5% during the second quarter. Wells Fargo & Company MN now owns 100,657 shares of the real estate investment trust’s stock valued at $1,681,000 after purchasing an additional 12,778 shares during the period. Goldman Sachs Group Inc. raised its position in PennyMac Financial Services by 275.7% during the second quarter. Goldman Sachs Group Inc. now owns 50,305 shares of the real estate investment trust’s stock valued at $840,000 after purchasing an additional 36,915 shares during the period. Aperio Group LLC raised its position in PennyMac Financial Services by 44.1% during the third quarter. Aperio Group LLC now owns 21,662 shares of the real estate investment trust’s stock valued at $386,000 after purchasing an additional 6,627 shares during the period. Schwab Charles Investment Management Inc. raised its position in PennyMac Financial Services by 63.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 29,800 shares of the real estate investment trust’s stock valued at $498,000 after purchasing an additional 11,600 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in PennyMac Financial Services by 31.4% during the second quarter. Dimensional Fund Advisors LP now owns 531,824 shares of the real estate investment trust’s stock valued at $8,882,000 after purchasing an additional 127,022 shares during the period. Institutional investors and hedge funds own 90.83% of the company’s stock.

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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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