PennyMac Financial Services (NYSE:PFSI) Downgraded by Keefe, Bruyette & Woods to “Market Perform”

PennyMac Financial Services (NYSE:PFSI) was downgraded by analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report issued on Tuesday, MarketBeat reports. They presently have a $129.00 price objective on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 9.04% from the stock’s current price.

A number of other research firms have also recently commented on PFSI. Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a research report on Monday, August 25th. They set an “overweight” rating and a $115.00 price objective for the company. Piper Sandler cut their target price on shares of PennyMac Financial Services from $125.00 to $121.00 and set an “overweight” rating for the company in a research note on Wednesday, July 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PennyMac Financial Services in a report on Saturday, September 27th. Barclays upped their price target on shares of PennyMac Financial Services from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Monday. Finally, UBS Group cut their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, July 24th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services has a consensus rating of “Moderate Buy” and an average target price of $123.50.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $118.31 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.03. The business’s 50 day moving average price is $112.63 and its two-hundred day moving average price is $102.94. The company has a market cap of $6.12 billion, a PE ratio of 16.41 and a beta of 1.59. PennyMac Financial Services has a twelve month low of $85.74 and a twelve month high of $130.02.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data 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 business had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.85 earnings per share. On average, analysts predict that PennyMac Financial Services will post 13.77 EPS for the current year.

Insider Buying and Selling at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s 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 approximately $26,270,907.50. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David Spector sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $122.97, for a total value of $614,850.00. Following the sale, the chief executive officer directly owned 125,604 shares in the company, valued at $15,445,523.88. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,632 shares of company stock valued at $3,406,716 in the last three months. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Orbis Allan Gray Ltd lifted its holdings in shares of PennyMac Financial Services by 447.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust’s stock worth $92,779,000 after acquiring an additional 757,489 shares during the period. Norges Bank acquired a new position in PennyMac Financial Services during the second quarter valued at approximately $39,976,000. Goldentree Asset Management LP acquired a new position in PennyMac Financial Services during the second quarter valued at approximately $29,249,000. Millennium Management LLC lifted its stake in PennyMac Financial Services by 48.8% during the first quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust’s stock worth $77,245,000 after purchasing an additional 253,031 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of PennyMac Financial Services in the 1st quarter valued at $18,701,000. Institutional investors and hedge funds 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.