PennyMac Financial Services (NYSE:PFSI) Lifted to “Hold” at StockNews.com

PennyMac Financial Services (NYSE:PFSIGet Rating) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other equities analysts have also issued reports on PFSI. Piper Sandler lifted their price target on shares of PennyMac Financial Services from $78.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 28th. Wells Fargo & Company raised shares of PennyMac Financial Services from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $54.00 to $75.00 in a report on Tuesday, December 6th. Finally, Barclays lowered shares of PennyMac Financial Services from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $55.00 to $58.00 in a report on Friday, January 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

PennyMac Financial Services Stock Performance

Shares of PFSI stock opened at $63.09 on Friday. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 6.03 and a beta of 1.39. The company’s 50 day moving average is $57.29 and its 200 day moving average is $53.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.62. PennyMac Financial Services has a 52-week low of $38.53 and a 52-week high of $69.69.

PennyMac Financial Services (NYSE:PFSIGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $1.34. The company had revenue of $476.29 million for the quarter, compared to analyst estimates of $419.60 million. PennyMac Financial Services had a net margin of 26.12% and a return on equity of 19.77%. On average, sell-side analysts anticipate that PennyMac Financial Services will post 8.57 EPS for the current fiscal year.

Insider Transactions at PennyMac Financial Services

In related news, CEO David Spector sold 40,735 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $54.24, for a total transaction of $2,209,466.40. Following the completion of the transaction, the chief executive officer now directly owns 680,386 shares in the company, valued at $36,904,136.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Anne Mccallion sold 7,941 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $54.24, for a total transaction of $430,719.84. Following the completion of the transaction, the director now directly owns 2,539 shares in the company, valued at $137,715.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Spector sold 40,735 shares of the company’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $54.24, for a total transaction of $2,209,466.40. Following the completion of the transaction, the chief executive officer now owns 680,386 shares of the company’s stock, valued at approximately $36,904,136.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,426 shares of company stock worth $9,126,641. Company insiders own 18.00% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in PennyMac Financial Services by 3.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 247,412 shares of the real estate investment trust’s stock worth $10,614,000 after buying an additional 9,398 shares in the last quarter. BNP Paribas Arbitrage SNC grew its position in shares of PennyMac Financial Services by 90.2% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 20,535 shares of the real estate investment trust’s stock valued at $881,000 after buying an additional 9,737 shares during the last quarter. Alliancebernstein L.P. grew its position in PennyMac Financial Services by 3.0% during the 3rd quarter. Alliancebernstein L.P. now owns 442,002 shares of the real estate investment trust’s stock worth $18,962,000 after purchasing an additional 13,000 shares during the last quarter. Algert Global LLC purchased a new position in PennyMac Financial Services during the 3rd quarter worth $359,000. Finally, Twinbeech Capital LP grew its position in PennyMac Financial Services by 237.4% during the 3rd quarter. Twinbeech Capital LP now owns 97,959 shares of the real estate investment trust’s stock worth $4,202,000 after purchasing an additional 68,925 shares during the last quarter. Hedge funds and other institutional investors own 67.03% of the company’s stock.

About PennyMac Financial Services

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

Further Reading

Analyst Recommendations for PennyMac Financial Services (NYSE:PFSI)

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