PennyMac Financial Services (NYSE:PFSI) Upgraded at Wall Street Zen

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

Several other analysts also recently issued reports on PFSI. Zacks Research upgraded PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. BTIG Research reiterated a “buy” rating and set a $135.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of PennyMac Financial Services in a research note on Friday. Wells Fargo & Company upped their price target on PennyMac Financial Services from $115.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. Finally, Piper Sandler increased their target price on PennyMac Financial Services from $136.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Moderate Buy” and an average price target of $138.67.

PennyMac Financial Services Trading Up 0.3%

Shares of NYSE PFSI opened at $125.67 on Friday. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of 13.54 and a beta of 1.59. The business has a 50 day simple moving average of $120.69 and a 200 day simple moving average of $106.13. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $134.56. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.34 and a current ratio of 0.36.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.98 by $0.39. The company had revenue of $632.90 million during the quarter, compared to the consensus estimate of $573.46 million. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The firm’s revenue was up 53.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.30 EPS. On average, research analysts predict that PennyMac Financial Services will post 13.77 earnings per share for the current fiscal year.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, insider Derek Stark sold 4,750 shares of the firm’s 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 completion of the sale, the insider owned 20,621 shares in the company, valued at approximately $2,259,236.76. This trade represents a 18.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Spector sold 71,161 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $128.07, for a total value of $9,113,589.27. Following the completion of the sale, the chief executive officer owned 577,859 shares of the company’s stock, valued at $74,006,402.13. This represents a 10.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 173,685 shares of company stock worth $21,896,093 over the last 90 days. Insiders own 15.80% of the company’s stock.

Institutional Trading of PennyMac Financial Services

A number of hedge funds have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC lifted its position in shares of PennyMac Financial Services by 20.4% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,423 shares of the real estate investment trust’s stock worth $548,000 after acquiring an additional 749 shares during the period. Strs Ohio lifted its position in shares of PennyMac Financial Services by 83.3% in the 3rd quarter. Strs Ohio now owns 1,100 shares of the real estate investment trust’s stock worth $136,000 after acquiring an additional 500 shares during the period. Covestor Ltd raised its holdings in shares of PennyMac Financial Services by 95.5% in the 3rd quarter. Covestor Ltd now owns 567 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 277 shares in the last quarter. Smith Shellnut Wilson LLC ADV acquired a new position in shares of PennyMac Financial Services in the 3rd quarter worth approximately $229,000. Finally, Forum Financial Management LP acquired a new position in shares of PennyMac Financial Services in the 3rd quarter worth approximately $274,000. Institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Company Profile

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.