PennyMac Financial Services (NYSE:PFSI) Downgraded by Wall Street Zen to “Sell”

PennyMac Financial Services (NYSE:PFSI) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

A number of other brokerages also recently issued reports on PFSI. UBS Group dropped their price target on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price target on PennyMac Financial Services from $117.00 to $121.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. Piper Sandler dropped their target price on 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. Barclays dropped their target price on 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, Wells Fargo & Company initiated coverage on PennyMac Financial Services in a research report on Monday, August 25th. They issued an “overweight” rating and a $115.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, PennyMac Financial Services has an average rating of “Moderate Buy” and an average price target of $119.33.

PennyMac Financial Services Trading Down 1.7%

Shares of PennyMac Financial Services stock opened at $125.03 on Friday. PennyMac Financial Services has a 1 year low of $85.74 and a 1 year high of $130.02. The firm has a market cap of $6.47 billion, a PE ratio of 17.34 and a beta of 1.51. The stock has a fifty day moving average price of $107.24 and a 200-day moving average price of $101.04. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data 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 firm had revenue of $444.73 million during the quarter, compared to analysts’ expectations of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The company’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $1.85 EPS. Equities research analysts anticipate that PennyMac Financial Services will post 13.77 EPS for the current year.

Insiders Place Their Bets

In related news, insider Derek Stark sold 4,750 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $109.56, for a total value of $520,410.00. Following the transaction, the insider owned 20,621 shares of the company’s stock, valued at $2,259,236.76. This represents a 18.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $528,650.00. Following the completion of the transaction, the chief executive officer directly owned 130,604 shares in the company, valued at approximately $13,808,760.92. This trade represents a 3.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,632 shares of company stock worth $3,295,916. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC purchased a new position in shares of PennyMac Financial Services during the 2nd quarter valued at about $26,000. CWM LLC boosted its holdings in PennyMac Financial Services by 71.5% in the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 113 shares during the last quarter. Strs Ohio acquired a new stake in PennyMac Financial Services in the 1st quarter worth about $30,000. Bayforest Capital Ltd acquired a new stake in PennyMac Financial Services in the 2nd quarter worth about $62,000. Finally, Raymond James Financial Inc. acquired a new stake in PennyMac Financial Services in the 2nd quarter worth about $82,000. Hedge funds and other institutional investors own 57.87% of the company’s stock.

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.