| Over a week ago | ||||
PennyMac Financial… PennyMac Financial Services, Inc. (PFSI) and PennyMac Mortgage Investment Trust (PMT) announced that Vandy Fartaj is stepping down from his position as Senior Managing Director and Chief Investment Officer of both PFSI and PMT, in order to pursue other interests. "Vandy has been with Pennymac for nearly 15 years and I am thankful for his long tenure, tireless efforts and the numerous contributions he has made throughout our history, including helping us pioneer lender credit risk transfer transactions and the first mortgage servicing rights securitizations," said Chairman and Chief Executive Officer David Spector. William Chang has been appointed to the role of Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT. | ||||
| Over a month ago | ||||
BTIG downgraded PennyMac… BTIG downgraded PennyMac Mortgage to Neutral from Buy without a price target. The analyst thinks the credit risk transfer program with Fannie Mae could develop as a longer-term opportunity for PennyMac and other lenders, but in the near term the firm expects the government sponsored entities will remain reluctant to share first-loss risk while the cost is relatively high. PennyMac's dividend could be stable, although catalysts for net asset value upside look more limited, the analyst tells investors in a research note. It estimates the company's book value is around $15.50 per share. | ||||
BTIG analyst Eric Hagen… BTIG analyst Eric Hagen downgraded PennyMac Mortgage to Neutral from Buy. | ||||
Piper Sandler analyst… Piper Sandler analyst Kevin Barker last night downgraded PennyMac Mortgage to Neutral from Overweight with a price target of $15, down from $16. The analyst believes the stock is closer to fair value relative to peers. In addition, Piper continues to expect interest rate volatility in the near-medium term through an uncertain economic environment. This is likely to cause PennyMac to remain conservative by reducing leverage, creating limited upside potential to earnings over the next few quarters, the firm tells investors in a research note. | ||||
Piper Sandler analyst… Piper Sandler analyst Kevin Barker downgraded PennyMac Mortgage to Neutral from Overweight with a price target of $15, down from $16. | ||||
Barclays analyst Mark… Barclays analyst Mark DeVries lowered the firm's price target on PennyMac Mortgage to $14 from $18 and keeps an Equal Weight rating on the shares. The analyst has turned neutral on the U.S. consumer finance sector with a "recession looking likely in 2023" and downgraded 10 stocks. He sees "inexpensive consumer finance stocks getting more inexpensive" and downgraded names stocks levered to credit. Card issuers and instalment lenders could struggle against the economic backdrop and may trade at trough multiples, DeVries tells investors in a research note. The analyst sees more value in air lessors, with AerCap raised to top pick and Air Lease also rated Overweight. DeVries also thinks a transition to a weaker credit environment may put pressure on mortgage insurers. | ||||
| Over a quarter ago | ||||
JonesTrading analyst… JonesTrading analyst Jason Stewart downgraded PennyMac Mortgage Investment Trust to Hold from Buy without a price target. The shares have traded up 33% from the October lows and are now valued roughly in line with peers, Stewart tells investors in a research note. Meanwhile, mortgage credit is "entering a challenged environment" as unemployment rises, says the analyst. He believes PennyMac Mortgage shares are lacking a catalyst. | ||||
B. Riley analyst Matt… B. Riley analyst Matt Howlett raised the firm's price target on PennyMac Mortgage e Investment Trust to $16 from $15 and keeps a Buy rating on the shares following the better than expected Q3 results. | ||||
