JMP Securities Downgrades PennyMac Financial Services (NYSE:PFSI) to Market Perform

PennyMac Financial Services (NYSE:PFSIGet Rating) was downgraded by stock analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, Marketbeat reports.

PFSI has been the subject of several other research reports. Barclays lowered shares of PennyMac Financial Services from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $55.00 to $58.00 in a report on Friday, January 6th. Piper Sandler boosted their price target on shares of PennyMac Financial Services from $78.00 to $82.00 and gave the company 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 boosted their price target for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. Finally, StockNews.com raised shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Friday, January 13th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $67.67.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $62.59 on Wednesday. The firm has a fifty day moving average of $58.15 and a two-hundred day moving average of $53.47. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 5.98 and a beta of 1.39. PennyMac Financial Services has a 52 week low of $38.53 and a 52 week high of $68.22. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.70 and a current ratio of 0.70.

PennyMac Financial Services (NYSE:PFSIGet Rating) last issued its earnings results on Thursday, October 27th. The real estate investment trust reported $2.46 EPS for the quarter, beating the consensus estimate of $1.12 by $1.34. PennyMac Financial Services had a net margin of 26.12% and a return on equity of 19.77%. The company had revenue of $476.29 million during the quarter, compared to analysts’ expectations of $419.60 million. As a group, equities research analysts predict that PennyMac Financial Services will post 8.57 EPS for the current year.

Insider Buying and Selling

In other news, insider Derek Stark sold 7,500 shares of the stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $53.86, for a total transaction of $403,950.00. Following the completion of the transaction, the insider now directly owns 46,820 shares in the company, valued at approximately $2,521,725.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Anne Mccallion sold 7,941 shares of the stock in a transaction dated 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 approximately $137,715.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Derek Stark sold 7,500 shares of the stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $53.86, for a total transaction of $403,950.00. Following the transaction, the insider now owns 46,820 shares of the company’s stock, valued at $2,521,725.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 161,426 shares of company stock valued at $9,126,641. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

Institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC bought a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at about $25,000. Wipfli Financial Advisors LLC bought a new stake in shares of PennyMac Financial Services in the 3rd quarter valued at about $44,000. Allspring Global Investments Holdings LLC raised its holdings in shares of PennyMac Financial Services by 16.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,776 shares of the real estate investment trust’s stock valued at $76,000 after purchasing an additional 250 shares during the period. Captrust Financial Advisors raised its holdings in shares of PennyMac Financial Services by 75.9% in the 2nd quarter. Captrust Financial Advisors now owns 2,890 shares of the real estate investment trust’s stock valued at $126,000 after purchasing an additional 1,247 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in PennyMac Financial Services by 19.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,932 shares of the real estate investment trust’s stock valued at $156,000 after acquiring an additional 486 shares during the period. 67.03% of the stock is owned by institutional investors.

PennyMac Financial Services Company Profile

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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.

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Analyst Recommendations for PennyMac Financial Services (NYSE:PFSI)

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