PennyMac Financial Services (NYSE:PFSI) Shares Gap Down Following Analyst Downgrade

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) gapped down before the market opened on Thursday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $92.07, but opened at $85.32. PennyMac Financial Services shares last traded at $85.85, with a volume of 297,138 shares changing hands.

A number of other research analysts have also recently commented on PFSI. Wedbush reiterated an "outperform" rating and issued a $110.00 price objective on shares of PennyMac Financial Services in a report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday. Barclays upped their price objective on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an "overweight" rating in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $100.00 to $105.00 in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.38.

Insider Activity

In other news, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the transaction, the chief financial officer now owns 257,897 shares of the company's stock, valued at approximately $22,823,884.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO David Spector sold 26,451 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $86.05, for a total transaction of $2,276,108.55. Following the transaction, the chief executive officer now owns 647,938 shares in the company, valued at $55,755,064.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 11,400 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $88.50, for a total value of $1,008,900.00. Following the sale, the chief financial officer now directly owns 257,897 shares in the company, valued at approximately $22,823,884.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,802 shares of company stock worth $7,666,108. 17.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PennyMac Financial Services

Large investors have recently modified their holdings of the business. USA Financial Formulas bought a new position in PennyMac Financial Services during the 4th quarter worth $25,000. Hexagon Capital Partners LLC raised its position in PennyMac Financial Services by 128.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 364 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 205 shares during the last quarter. Parkside Financial Bank & Trust bought a new position in PennyMac Financial Services during the 4th quarter worth $36,000. Exchange Traded Concepts LLC bought a new position in PennyMac Financial Services during the 3rd quarter worth $57,000. Finally, TFO Wealth Partners LLC raised its position in shares of PennyMac Financial Services by 16,300.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,148 shares of the real estate investment trust's stock worth $101,000 after acquiring an additional 1,141 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company's stock.

PennyMac Financial Services Stock Performance

The company has a 50-day moving average price of $87.95 and a two-hundred day moving average price of $82.89. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $4.35 billion, a P/E ratio of 31.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 7.69% and a net margin of 10.32%. The firm had revenue of $305.66 million during the quarter, compared to analyst estimates of $422.87 million. On average, equities analysts forecast that PennyMac Financial Services, Inc. will post 10.41 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Tuesday, February 13th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.80 annualized dividend and a dividend yield of 0.93%. PennyMac Financial Services's dividend payout ratio is presently 29.52%.

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.