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

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

Several other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of PennyMac Financial Services from $117.00 to $121.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Wells Fargo & Company began coverage on PennyMac Financial Services in a research report on Monday, August 25th. They set an “overweight” rating and a $115.00 target price for the company. Piper Sandler decreased their price objective on PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating for the company in a report on Wednesday, July 23rd. Barclays decreased their price objective on PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a report on Tuesday, July 8th. Finally, UBS Group decreased their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, July 24th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, PennyMac Financial Services presently has an average rating of “Moderate Buy” and a consensus price target of $119.33.

PennyMac Financial Services Stock Up 1.1%

NYSE PFSI opened at $123.94 on Monday. 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 company has a market capitalization of $6.41 billion, a P/E ratio of 17.19 and a beta of 1.51. PennyMac Financial Services has a one year low of $85.74 and a one year high of $130.02. The stock has a 50 day moving average price of $109.52 and a 200-day moving average price of $101.94.

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

Insider Activity

In related news, insider Derek Stark sold 4,750 shares of PennyMac Financial Services stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $109.56, for a total value of $520,410.00. Following the sale, the insider directly owned 20,621 shares in the company, valued at approximately $2,259,236.76. The trade was a 18.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Stanley Perotti sold 2,925 shares of PennyMac Financial Services stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $116.63, for a total value of $341,142.75. Following the completion of the sale, the chief financial officer directly owned 225,250 shares in the company, valued at $26,270,907.50. This represents a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,632 shares of company stock worth $3,910,766 in the last ninety days. Corporate insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC lifted its stake in PennyMac Financial Services by 4.4% during the first quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust’s stock worth $259,000 after purchasing an additional 110 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PennyMac Financial Services by 0.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after buying an additional 111 shares during the last quarter. CWM LLC lifted its position in shares of PennyMac Financial Services by 71.5% during 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. Hohimer Wealth Management LLC lifted its position in shares of PennyMac Financial Services by 5.4% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 121 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of PennyMac Financial Services by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 35,478 shares of the real estate investment trust’s stock worth $3,535,000 after buying an additional 173 shares during the last quarter. 57.87% of the stock is currently 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.