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What To Know About Barclays's Downgrade of PennyMac Financial Servs

Benzinga · 01/06/2023 12:00

Barclays downgraded its rating of PennyMac Financial Servs (NYSE:PFSI) to Equal-Weight with a price target of $58.00, changing its price target from $55.00 to $58.00.

Shares of PennyMac Financial Servs are trading up 0.43% over the last 24 hours, at $58.80 per share.

A move to $58.00 would account for a 1.36% decline from the current share price.

About PennyMac Financial Servs

PennyMac Financial Services Inc is a United States-based financial services company primarily engaged in mortgage lending. The company operates through three segments: production, servicing, and investment management. The company's production and servicing segment together form the mortgage banking business that includes mortgage loan origination, acquisition, and sale activities; while the investment management segment includes investment manager's activities, such as performing diligence, and managing acquired assets. The company generates the majority of revenue from its mortgage banking business.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.