PennyMac Financial Services (PFSI) Upgraded 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 presently has a $26.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.70% from the company’s previous close.

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. “

Other analysts have also issued reports about the company. BidaskClub raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Barclays set a $25.00 price objective on PennyMac Financial Services and gave the company a “buy” rating in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. Finally, ValuEngine raised PennyMac Financial Services from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 15th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $23.50.

PennyMac Financial Services (PFSI) traded up $0.35 during mid-day trading on Thursday, reaching $23.70. The company’s stock had a trading volume of 90,174 shares, compared to its average volume of 196,934. The company has a market cap of $551.93, a PE ratio of 9.05, a price-to-earnings-growth ratio of 1.61 and a beta of 0.68. PennyMac Financial Services has a 1 year low of $15.65 and a 1 year 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.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 return on equity of 4.11% and a net margin of 6.47%. PennyMac Financial Services’s revenue for the quarter was down 14.0% on a year-over-year basis. equities research analysts expect that PennyMac Financial Services will post 2.29 earnings per share for the current fiscal year.

In other news, Director Matthew Botein sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $22.71, for a total transaction of $227,100.00. Following the completion of the transaction, the director now directly owns 34,741 shares in the company, valued at $788,968.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anne Mccallion sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $18.50, for a total value of $92,500.00. The disclosure for this sale can be found here. Insiders have sold 218,060 shares of company stock worth $4,680,667 over the last three months. Insiders own 45.64% of the company’s stock.

A number of hedge funds have recently modified their holdings of PFSI. Citigroup Inc. increased its holdings in PennyMac Financial Services by 1,652.1% in the second quarter. Citigroup Inc. now owns 6,150 shares of the real estate investment trust’s stock worth $103,000 after purchasing an additional 5,799 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. Voya Investment Management LLC bought a new stake in PennyMac Financial Services in the second quarter worth approximately $174,000. 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, Cubist Systematic Strategies LLC increased its holdings in shares of 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 valued at $218,000 after acquiring an additional 2,489 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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