PennyMac Financial Services Inc (PFSI) is Upgraded by BofA/Merrill to Buy

PennyMac Financial Services Inc (PFSI) was Upgraded by BofA/Merrill to ” Buy”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Jul 12, 2016.

On the company’s financial health, PennyMac Financial Services Inc reported $0.23 EPS for the quarter, missing the analyst consensus estimate by $ -0.31 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.54. The company had revenue of $143.40 million for the quarter, compared to analysts expectations of $183.56 million. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS.

PennyMac Financial Services Inc opened for trading at $11.74 and hit $12.05 on the upside on Monday, eventually ending the session at $11.85, with a gain of 1.98% or 0.23 points. The heightened volatility saw the trading volume jump to 75,104 shares. Company has a market cap of $261 M.

In a different news, on Jun 15, 2016, Daniel Stanley Perotti (Chief Asset & Liability Mgt Of) sold 189 shares at $13.52 per share price. According to the SEC, on Jun 13, 2016, Gregory L Hendry (MD, Chief Accounting Officer) sold 141 shares at $13.90 per share price. On Dec 30, 2015, David M Walker (Chief Credit Officer) sold 6,138 shares at $16.15 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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