PennyMac Financial Services (NYSE:PFSI) Downgraded by StockNews.com

PennyMac Financial Services (NYSE:PFSI) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Several other research firms also recently weighed in on PFSI. Wedbush restated an “outperform” rating and issued a $110.00 target price on shares of PennyMac Financial Services in a research report on Thursday. Deutsche Bank Aktiengesellschaft cut their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a report on Thursday. Barclays increased their price target on PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods raised PennyMac Financial Services from a “market perform” rating to an “outperform” rating and increased their price target for the company from $100.00 to $105.00 in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.38.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock traded down $5.87 during midday trading on Thursday, hitting $86.20. 1,077,164 shares of the company were exchanged, compared to its average volume of 241,158. The firm has a market capitalization of $4.35 billion, a PE ratio of 31.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67. The business has a fifty day simple moving average of $87.95 and a two-hundred day simple moving average of $82.89. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.37 and a current ratio of 0.37. PennyMac Financial Services has a fifty-two week low of $56.16 and a fifty-two week high of $94.78.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.14. The company had revenue of $305.66 million for the quarter, compared to the consensus estimate of $422.87 million. PennyMac Financial Services had a return on equity of 7.69% and a net margin of 10.32%. On average, sell-side analysts forecast that PennyMac Financial Services will post 10.41 earnings per share for the current year.

Insider Activity

In other news, insider James Follette sold 2,617 shares of PennyMac Financial Services stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $86.24, for a total value of $225,690.08. Following the completion of the sale, the insider now directly owns 7,257 shares of the company’s stock, valued at $625,843.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO David Spector sold 26,451 shares of PennyMac Financial Services stock in a transaction on Monday, March 11th. The stock was sold at an average price of $86.05, for a total value of $2,276,108.55. Following the completion of the transaction, the chief executive officer now directly owns 647,938 shares in the company, valued at $55,755,064.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Follette sold 2,617 shares of PennyMac Financial Services stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the completion of the transaction, the insider now owns 7,257 shares of the company’s stock, valued at $625,843.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,802 shares of company stock valued at $7,666,108. 17.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dakota Wealth Management lifted its holdings in PennyMac Financial Services by 5.4% during the 1st quarter. Dakota Wealth Management now owns 21,230 shares of the real estate investment trust’s stock worth $1,934,000 after buying an additional 1,083 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in PennyMac Financial Services in the 1st quarter valued at about $6,182,000. Denali Advisors LLC increased its position in PennyMac Financial Services by 179.2% in the 1st quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock valued at $3,789,000 after acquiring an additional 26,700 shares during the period. MorganRosel Wealth Management LLC increased its position in PennyMac Financial Services by 2.2% in the 1st quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock valued at $985,000 after acquiring an additional 236 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in PennyMac Financial Services in the 4th quarter valued at about $967,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

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.