Bank of America Upgrades PennyMac Financial Services Inc to Buy

Brokerage firm Bank of America Upgrades its rating on PennyMac Financial Services Inc(NYSE:PFSI). The shares have been rated Buy. Previously, the analysts had a Neutral rating on the shares. The rating by Bank of America was issued on Jul 12, 2016.

PennyMac Financial Services Inc (PFSI) made into the market gainers list on Fridays trading session with the shares advancing 0.91% or 0.12 points. Due to strong positive momentum, the stock ended at $13.34, which is also near the day’s high of $13.389. The stock began the session at $13.33 and the volume stood at 32,450 shares. The 52-week high of the shares is $18.56 and the 52 week low is $10.48. The company has a current market capitalization of $294 M and it has 2,20,47,541 shares in outstanding.

PennyMac Financial Services Inc(PFSI) last announced its earnings results on May 5, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $143.40M. Analysts had an estimated revenue of $184.52M. Earnings per share were $0.62. Analysts had estimated an EPS of $0.54.

Several Insider Transactions has been reported to the SEC. On Jun 15, 2016, Daniel Stanley Perotti (Chief Asset & Liability Mgt Of) sold 189 shares at $13.52 per share price.Also, 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.

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