PennyMac Financial Services (NYSE:PFSI) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of PennyMac Financial Services (NYSE:PFSI) from a hold rating to a sell rating in a report issued on Thursday.

Other equities research analysts have also recently issued reports about the stock. 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. Deutsche Bank Aktiengesellschaft cut their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a buy rating for the company in a research report on Thursday. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a market perform rating to an outperform rating and boosted their target price for the stock from $100.00 to $105.00 in a research report on Tuesday, April 9th. Finally, Wedbush reissued an outperform rating and set a $110.00 target price on shares of PennyMac Financial Services in a research report on Thursday. One investment 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $98.38.

PennyMac Financial Services Trading Down 6.4 %

Shares of NYSE:PFSI opened at $86.20 on Thursday. The stock has a market capitalization of $4.35 billion, a PE ratio of 29.93, a P/E/G ratio of 0.61 and a beta of 1.67. PennyMac Financial Services has a 1 year low of $56.16 and a 1 year high of $94.78. The firm has a fifty day moving average price of $87.95 and a 200 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.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data 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 firm had revenue of $305.66 million during the quarter, compared to analysts’ expectations of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. Analysts expect that PennyMac Financial Services will post 10.41 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Monday, May 13th. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

Insider Activity

In other news, CEO David Spector sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $87.18, for a total transaction of $1,307,700.00. Following the completion of the transaction, the chief executive officer now owns 270,604 shares of the company’s stock, valued at $23,591,256.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Derek Stark sold 5,255 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $89.44, for a total value of $470,007.20. Following the completion of the transaction, the insider now owns 27,084 shares of the company’s stock, valued at $2,422,392.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 15,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $87.18, for a total transaction of $1,307,700.00. Following the completion of the transaction, the chief executive officer now directly owns 270,604 shares of the company’s stock, valued at approximately $23,591,256.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,802 shares of company stock valued at $7,666,108. Insiders own 17.40% of the company’s stock.

Institutional Trading of PennyMac Financial Services

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in shares of PennyMac Financial Services by 283.2% during the third quarter. SG Americas Securities LLC now owns 10,415 shares of the real estate investment trust’s stock valued at $694,000 after purchasing an additional 7,697 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of PennyMac Financial Services during the third quarter valued at approximately $57,000. Dakota Wealth Management bought a new stake in shares of PennyMac Financial Services during the third quarter valued at approximately $1,313,000. Bank of New York Mellon Corp grew its stake in shares of PennyMac Financial Services by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 234,486 shares of the real estate investment trust’s stock valued at $15,617,000 after purchasing an additional 7,251 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in PennyMac Financial Services by 13.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,076 shares of the real estate investment trust’s stock valued at $538,000 after buying an additional 944 shares during the period. 57.87% of the stock is owned by 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.