Keefe, Bruyette & Woods Lowers PennyMac Financial Services (NYSE:PFSI) to Market Perform

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Keefe, Bruyette & Woods downgraded shares of PennyMac Financial Services (NYSE:PFSI) from an outperform rating to a market perform rating in a research report report published on Sunday morning, The Fly reports.

PFSI has been the topic of a number of other reports. TheStreet raised shares of PennyMac Financial Services from a c+ rating to a b+ rating in a report on Wednesday, August 14th. Piper Jaffray Companies increased their price target on shares of PennyMac Financial Services from $42.00 to $44.00 and gave the stock an overweight rating in a research note on Tuesday, November 19th. Wells Fargo & Co raised shares of PennyMac Financial Services from a market perform rating to an outperform rating and set a $35.00 price objective on the stock in a research report on Thursday, September 5th. ValuEngine raised shares of PennyMac Financial Services from a strong sell rating to a sell rating in a research report on Tuesday, November 19th. Finally, Barclays restated a buy rating and issued a $37.00 price objective on shares of PennyMac Financial Services in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $34.20.

NYSE:PFSI opened at $33.89 on Friday. The stock’s 50 day moving average price is $32.42 and its 200 day moving average price is $27.57. The company has a market capitalization of $2.66 billion, a PE ratio of 13.08, a P/E/G ratio of 0.75 and a beta of 0.40. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 2.18. PennyMac Financial Services has a 52-week low of $19.55 and a 52-week high of $34.74.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $1.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.26. The company had revenue of $436.35 million during the quarter, compared to analysts’ expectations of $368.20 million. PennyMac Financial Services had a return on equity of 15.84% and a net margin of 22.54%. As a group, sell-side analysts anticipate that PennyMac Financial Services will post 4.51 EPS for the current fiscal year.

The firm also recently disclosed a dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.12 dividend. The ex-dividend date was Thursday, November 14th. PennyMac Financial Services’s dividend payout ratio is presently 18.53%.

In other PennyMac Financial Services news, insider Jeffrey Grogin sold 8,628 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $32.12, for a total transaction of $277,131.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anne Mccallion sold 5,000 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $33.47, for a total transaction of $167,350.00. The disclosure for this sale can be found here. Insiders sold a total of 233,628 shares of company stock worth $7,261,431 in the last ninety days. 22.17% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of PFSI. Price T Rowe Associates Inc. MD increased its position in PennyMac Financial Services by 8.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,080,275 shares of the real estate investment trust’s stock worth $134,860,000 after buying an additional 472,076 shares in the last quarter. Par Capital Management Inc. boosted its stake in shares of PennyMac Financial Services by 25.6% during the second quarter. Par Capital Management Inc. now owns 950,000 shares of the real estate investment trust’s stock valued at $21,071,000 after acquiring an additional 193,700 shares during the last quarter. State Street Corp increased its position in PennyMac Financial Services by 9.2% during the 3rd quarter. State Street Corp now owns 565,255 shares of the real estate investment trust’s stock worth $17,172,000 after purchasing an additional 47,473 shares in the last quarter. JPMorgan Chase & Co. increased its position in PennyMac Financial Services by 21.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 408,353 shares of the real estate investment trust’s stock worth $9,139,000 after purchasing an additional 71,075 shares in the last quarter. Finally, Northern Trust Corp raised its stake in PennyMac Financial Services by 6.5% in the 2nd quarter. Northern Trust Corp now owns 359,441 shares of the real estate investment trust’s stock valued at $7,973,000 after purchasing an additional 21,954 shares during the last quarter. 50.84% 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. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.

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