Credit Suisse analyst Douglas Harter maintained a Buy rating on PennyMac Financial (PFSI) on September 14. The company’s shares closed last Thursday at $57.00, close to its 52-week high of $57.89.
According to TipRanks.com, Harter is a 5-star analyst with an average return of 12.4% and a 66.1% success rate. Harter covers the Financial sector, focusing on stocks such as Ellington Residential Mortgage, Arlington Asset Investment, and ARMOUR Residential REIT.
Currently, the analyst consensus on PennyMac Financial is a Strong Buy with an average price target of $63.60, representing an 11.5% upside. In a report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $70.00 price target.
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Based on PennyMac Financial’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $822 million and net profit of $353 million. In comparison, last year the company earned revenue of $303 million and had a net profit of $72.7 million.
Based on the recent corporate insider activity of 141 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PFSI in relation to earlier this year.
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PennyMac Financial Services, Inc. is a holding company, which engages in the mortgage banking and investment management activities. It operates through the following segments: Production, Servicing, and Investment Management. The Production segment includes mortgage loan origination, acquisition, and sale activities. The Servicing segment servicing of newly originated mortgage loans; and execution and management of early buyout transactions. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities, and managing the acquired assets. The company was founded by Stanford L. Kurland in 2008 and is headquartered in Westlake Village, CA.
