PennyMac Financial Services (NYSE:PFSI) Raised to Hold at Wall Street Zen

PennyMac Financial Services (NYSE:PFSI) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Friday.

Other equities analysts also recently issued research reports about the stock. UBS Group lowered their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, July 24th. Wells Fargo & Company lowered their target price on shares of PennyMac Financial Services from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods reduced their price target on shares of PennyMac Financial Services from $121.00 to $117.00 and set an “outperform” rating for the company in a research report on Thursday, July 24th. Barclays reduced their price target on shares of PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday, July 8th. Finally, Piper Sandler reduced their price target on shares of PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating for the company in a research report on Wednesday, July 23rd. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, PennyMac Financial Services has an average rating of “Moderate Buy” and an average price target of $118.67.

PennyMac Financial Services Stock Up 6.2%

PennyMac Financial Services stock opened at $109.7590 on Friday. PennyMac Financial Services has a fifty-two week low of $85.74 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a 50 day moving average price of $99.81 and a 200 day moving average price of $98.96. The company has a market capitalization of $5.68 billion, a PE ratio of 15.22 and a beta of 1.50.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $3.01 by ($1.99). The company had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $1.85 EPS. Research analysts expect that PennyMac Financial Services will post 13.77 earnings per share for the current year.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 7,107 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total transaction of $768,693.12. Following the transaction, the director owned 86,050 shares of the company’s stock, valued at $9,307,168. This trade represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David Spector sold 5,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $105.73, for a total transaction of $528,650.00. Following the transaction, the chief executive officer directly owned 130,604 shares in the company, valued at approximately $13,808,760.92. This represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,107 shares of company stock worth $2,292,843 in the last three months. Insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new position in PennyMac Financial Services during the 4th quarter worth $1,307,000. Mariner LLC lifted its position in PennyMac Financial Services by 120.1% in the 4th quarter. Mariner LLC now owns 6,026 shares of the real estate investment trust’s stock valued at $615,000 after purchasing an additional 3,288 shares during the last quarter. Jump Financial LLC bought a new stake in shares of PennyMac Financial Services during the 4th quarter worth about $306,000. MetLife Investment Management LLC raised its position in shares of PennyMac Financial Services by 4.1% during the 4th quarter. MetLife Investment Management LLC now owns 16,058 shares of the real estate investment trust’s stock worth $1,640,000 after buying an additional 634 shares in the last quarter. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of PennyMac Financial Services during the 4th quarter worth about $39,000. 57.87% of the stock is owned by institutional investors and hedge funds.

About PennyMac Financial Services

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.