Weiss Ratings Reiterates Hold (C) Rating for PennyMac Financial Services (NYSE:PFSI)

Key Points

• Weiss Ratings has reiterated a "hold (C)" rating for PennyMac Financial Services (NYSE:PFSI), indicating a cautious investment stance.
• Piper Sandler raised its target price for the stock from $121 to $136, while other firms like Keefe, Bruyette & Woods and UBS Group adjusted their ratings and price targets downward.
• The company reported earnings of $1.02 per share for the last quarter, significantly missing the consensus estimate of $3.01, amidst a year-over-year revenue increase of 9.5%.

PennyMac Financial Services (NYSE:PFSI - Get Free Report)'s stock had its "hold (c)" rating reissued by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

PFSI has been the topic of a number of other reports. Piper Sandler boosted their target price on shares of PennyMac Financial Services from $121.00 to $136.00 and gave the stock an "overweight" rating in a report on Wednesday. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $129.00 price objective on the stock. in a research note on Tuesday. UBS Group reduced their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a research note on Thursday, July 24th. Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a research note on Monday, August 25th. They issued an "overweight" rating and a $115.00 price objective on the stock. Finally, Zacks Research raised shares of PennyMac Financial Services from a "strong sell" rating to a "hold" rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, PennyMac Financial Services currently has a consensus rating of "Moderate Buy" and an average target price of $126.00.

PennyMac Financial Services Trading Up 0.7%

Shares of PennyMac Financial Services stock opened at $117.33 on Wednesday. The firm has a market capitalization of $6.07 billion, a PE ratio of 16.27 and a beta of 1.59. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. The firm's 50 day moving average is $113.53 and its 200 day moving average is $103.13. PennyMac Financial Services has a 1 year low of $85.74 and a 1 year high of $130.02.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The company had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. During the same period last year, the firm posted $1.85 earnings per share. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. Equities research analysts forecast that PennyMac Financial Services will post 13.77 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Derek Stark sold 4,750 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $109.56, for a total value of $520,410.00. Following the completion of the sale, the insider owned 20,621 shares in the company, valued at $2,259,236.76. This represents a 18.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $116.63, for a total transaction of $341,142.75. Following the completion of the sale, the chief financial officer owned 225,250 shares of the company's stock, valued at approximately $26,270,907.50. This represents a 1.28% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,632 shares of company stock worth $3,998,816. Company insiders own 15.80% of the company's stock.

Institutional Trading of PennyMac Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in PFSI. AlphaQuest LLC grew its position in PennyMac Financial Services by 4.4% during the first quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust's stock valued at $259,000 after buying an additional 110 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of PennyMac Financial Services by 0.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust's stock worth $1,598,000 after buying an additional 111 shares in the last quarter. CWM LLC lifted its holdings in shares of PennyMac Financial Services by 71.5% in the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after buying an additional 113 shares in the last quarter. Hohimer Wealth Management LLC raised its position in shares of PennyMac Financial Services by 5.4% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust's stock valued at $235,000 after buying an additional 121 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of PennyMac Financial Services by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 35,478 shares of the real estate investment trust's stock valued at $3,535,000 after buying an additional 173 shares in the last quarter. Hedge funds and other institutional investors 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.

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