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

StockNews.com downgraded shares of PennyMac Financial Services (NYSE:PFSI) from a hold rating to a sell rating in a research report report published on Wednesday morning.

A number of other brokerages also recently weighed in on PFSI. Keefe, Bruyette & Woods lowered their price objective on shares of PennyMac Financial Services from $105.00 to $100.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Barclays increased their price objective on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Wedbush restated an outperform rating and set a $110.00 price objective on shares of PennyMac Financial Services in a research report on Thursday, April 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of PennyMac Financial Services from $115.00 to $112.00 and set a buy rating on the stock in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $97.75.

PennyMac Financial Services Trading Up 1.1 %

Shares of NYSE PFSI opened at $93.93 on Wednesday. The firm’s 50 day moving average price is $91.30 and its 200-day moving average price is $89.03. The company has a market cap of $4.78 billion, a PE ratio of 32.61, a P/E/G ratio of 0.61 and a beta of 1.72. PennyMac Financial Services has a 52-week low of $62.15 and a 52-week high of $95.18. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.39 and a current ratio of 0.39.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.14. The firm had revenue of $305.66 million for the quarter, compared to the consensus estimate of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.48%. On average, equities research analysts expect that PennyMac Financial Services will post 10.55 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Tuesday, May 14th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, May 13th. This represents a $0.80 dividend on an annualized basis and a yield of 0.85%. PennyMac Financial Services’s dividend payout ratio is currently 27.78%.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total value of $907,200.00. Following the completion of the sale, the chief executive officer now directly owns 250,604 shares of the company’s stock, valued at $22,734,794.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total transaction of $1,493,869.45. Following the completion of the transaction, the director now directly owns 116,546 shares of the company’s stock, valued at $10,574,218.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total transaction of $907,200.00. Following the transaction, the chief executive officer now directly owns 250,604 shares of the company’s stock, valued at $22,734,794.88. The disclosure for this sale can be found here. Insiders sold a total of 87,865 shares of company stock valued at $8,031,769 over the last three months. Corporate insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On PennyMac Financial Services

Several institutional investors have recently bought and sold shares of the stock. Qube Research & Technologies Ltd bought a new position in PennyMac Financial Services during the third quarter valued at $3,370,000. Adage Capital Partners GP L.L.C. bought a new position in PennyMac Financial Services during the third quarter valued at $3,657,000. Jacobs Levy Equity Management Inc. bought a new position in PennyMac Financial Services during the third quarter valued at $17,242,000. Graham Capital Management L.P. bought a new position in PennyMac Financial Services during the third quarter valued at $1,237,000. Finally, American Century Companies Inc. lifted its position in PennyMac Financial Services by 6.2% during the third quarter. American Century Companies Inc. now owns 277,643 shares of the real estate investment trust’s stock valued at $18,491,000 after purchasing an additional 16,174 shares during the last quarter. 57.87% of the stock is 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.