PennyMac Financial Services stock slides again as KBW cuts target and MSR runoff stays in focus
PennyMac Financial (PFSI) fell 5.3% to $94.58 Monday after KBW cut its price target to $115 from $143, citing concerns over faster mortgage prepayments and servicing rights runoff. The stock has dropped 38% since Jan. 29. Fourth-quarter net income was $106.8 million, with servicing segment pretax income plunging to $37.3 million. A law firm has launched a probe into the late-January share plunge.
