PennyMac Financial Services, Inc. $PFSI Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. reduced its stake in PennyMac Financial Services by 24.7%, selling 9,110 shares and owning 27,790 shares valued at $2.78 million by the end of the last quarter.
• Several hedge funds are actively trading PennyMac, with Advantage Alpha Capital Partners LP increasing its position by 26.3% and T. Rowe Price Investment Management adding 0.6% more shares.
• PennyMac reported a miss in earnings per share at $1.02 compared to consensus estimates of $3.01, despite a 9.5% year-over-year revenue increase.

1832 Asset Management L.P. cut its position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 24.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,790 shares of the real estate investment trust's stock after selling 9,110 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.05% of PennyMac Financial Services worth $2,782,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Advantage Alpha Capital Partners LP grew its stake in PennyMac Financial Services by 26.3% during the 1st quarter. Advantage Alpha Capital Partners LP now owns 55,376 shares of the real estate investment trust's stock worth $5,544,000 after buying an additional 11,528 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in PennyMac Financial Services by 0.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust's stock worth $429,454,000 after acquiring an additional 24,055 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new stake in shares of PennyMac Financial Services during the first quarter worth about $644,000. Russell Investments Group Ltd. grew its stake in shares of PennyMac Financial Services by 19.8% during the first quarter. Russell Investments Group Ltd. now owns 17,145 shares of the real estate investment trust's stock worth $1,716,000 after acquiring an additional 2,832 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of PennyMac Financial Services during the first quarter valued at about $10,550,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

Insiders Place Their Bets

In other news, CEO David Spector sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $100.81, for a total transaction of $504,050.00. Following the transaction, the chief executive officer directly owned 135,604 shares in the company, valued at $13,670,239.24. The trade was a 3.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Derek Stark sold 4,750 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $109.56, for a total value of $520,410.00. Following the completion of the sale, the insider owned 20,621 shares of the company's stock, valued at $2,259,236.76. This trade represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,857 shares of company stock valued at $2,813,253 in the last ninety days. 15.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PFSI has been the subject of several research analyst reports. Wall Street Zen raised shares of PennyMac Financial Services from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Keefe, Bruyette & Woods cut their price target on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. UBS Group lowered their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research note on Thursday, July 24th. Piper Sandler dropped their price objective on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company started coverage on PennyMac Financial Services in a research report on Monday. They issued an "overweight" rating and a $115.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.67.

PennyMac Financial Services Price Performance

NYSE:PFSI traded up $0.33 during trading hours on Thursday, reaching $108.84. 293,322 shares of the company were exchanged, compared to its average volume of 378,365. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. The stock's 50-day moving average is $100.70 and its 200-day moving average is $99.05. The firm has a market cap of $5.63 billion, a PE ratio of 15.10 and a beta of 1.50. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $3.01 by ($1.99). PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The firm had revenue of $444.73 million for the quarter, compared to analysts' expectations of $547.44 million. During the same quarter in the previous year, the firm posted $1.85 earnings per share. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th were issued a $0.30 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.1%. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

About PennyMac Financial Services

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.