PennyMac Financial Services Inc (PFSI) is Downgraded by BofA/Merrill to Neutral

PennyMac Financial Services Inc (PFSI) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Sep 28, 2016.

Many Wall Street Analysts have commented on PennyMac Financial Services Inc. PennyMac Financial Services Inc was Resumed by Piper Jaffray to “Overweight” on Sep 9, 2016. PennyMac Financial Services Inc was Upgraded by BofA/Merrill to ” Buy” on Jul 12, 2016.

On the company’s financial health, PennyMac Financial Services Inc reported $0.65 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.63. The company had revenue of $207.81 million for the quarter, compared to analysts expectations of $198.36 million. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS.

PennyMac Financial Services Inc closed down -0.09 points or -0.52% at $17.35 with 84,311 shares getting traded on Tuesday. Post opening the session at $17.45, the shares hit an intraday low of $17.34 and an intraday high of $17.62 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 21, 2016, David M Walker (Chief Risk Officer) sold 10,000 shares at $17.77 per share price. According to the SEC, on Sep 16, 2016, Anne Mccallion (Chief Financial Officer) sold 5,000 shares at $17.64 per share price. On Jun 15, 2016, Daniel Stanley Perotti (Chief Asset & Liability Mgt Of) sold 189 shares at $13.52 per share price, according to the Form-4 filing with the securities and exchange commission.

PennyMac Financial Services Inc. (PFSI) is a specialty financial services firm. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. The Company operates through three segments: loan production loan servicing (collectively mortgage banking) and investment management. PFSI’s principal mortgage banking subsidiary PennyMac Loan Services LLC (PLS) is a non-bank producer and servicer of mortgage loans in the United States. PLS services loans in 50 states of the United States the District of Columbia Guam and the United States Virgin Islands and originates loans in 49 states and the District of Columbia in the United States. The Company’s principal investment management subsidiary PNMAC Capital Management LLC (PCM) provides investment management services.

PennyMac Financial Services Inc

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