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Fly News Breaks for September 5, 2019
PFSI
Sep 5, 2019 | 06:41 EDT
Wells Fargo analyst Michael Kaye upgraded PennyMac Financial Services to Outperform from Market Perform and raised his price target for the shares to $35 from $25. The environment remains favorable for mortgage companies as interest rates are at multi-year lows, which is helping to not only boost refinancing volumes but also gain-on-sale margins, Kaye tells investors in a research note. Financials that benefit from low rates "are a rarity" and PennyMac is "one of the few financials to own in this low rate backdrop," contends the analyst.
News For PFSI From the Last 2 Days
PFSI
Apr 25, 2024 | 08:50 EDT
Deutsche Bank lowered the firm's price target on PennyMac Financial to $112 from $115 and keeps a Buy rating on the shares. The analyst says the company's Q1 margins offset volume weakness.
