Algert Global LLC Raises Stock Holdings in PennyMac Financial Services, Inc. $PFSI

Key Points

• Algert Global increased its PennyMac Financial Services stake by 119.5% in the second quarter, bringing its holdings to 60,260 shares valued at approximately $5.25 million. Institutional investors collectively own 57.87% of the company.
• PennyMac shares opened at $73.52, near their one-year low of $71.68, after the company reported quarterly EPS of $1.39—below the $2.11 analyst consensus—despite revenue growth of 11.8% year over year.
• The company paid a quarterly dividend of $0.30 per share, equivalent to a 1.6% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $104.88, although some firms recently downgraded the stock or lowered their targets.

Algert Global LLC increased its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 119.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,260 shares of the real estate investment trust's stock after purchasing an additional 32,810 shares during the period. Algert Global LLC owned approximately 0.12% of PennyMac Financial Services worth $5,249,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. MFN Partners Management LP bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth $394,719,083,000. Quantbot Technologies LP bought a new stake in PennyMac Financial Services during the second quarter worth about $3,052,000. Ieq Capital LLC bought a new stake in PennyMac Financial Services during the second quarter worth about $733,000. Donald Smith & CO. Inc. purchased a new position in shares of PennyMac Financial Services in the 2nd quarter worth about $163,940,000. Finally, Silvant Capital Management LLC purchased a new position in shares of PennyMac Financial Services in the 2nd quarter worth about $34,000. 57.87% of the stock is owned by hedge funds and other institutional investors.

PennyMac Financial Services Price Performance

Shares of PennyMac Financial Services stock opened at $73.52 on Friday. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.38 and a quick ratio of 0.38. PennyMac Financial Services, Inc. has a one year low of $71.68 and a one year high of $160.36. The business's 50 day simple moving average is $80.52 and its two-hundred day simple moving average is $85.41. The stock has a market capitalization of $3.82 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing analysts' consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. During the same period in the previous year, the business posted $2.54 EPS. PennyMac Financial Services's quarterly revenue was up 11.8% on a year-over-year basis. Analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current year.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.20 annualized dividend and a yield of 1.6%. PennyMac Financial Services's dividend payout ratio is presently 16.48%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PFSI. Keefe, Bruyette & Woods decreased their price objective on PennyMac Financial Services from $108.00 to $100.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Zacks Research cut shares of PennyMac Financial Services from a "hold" rating to a "strong sell" rating in a research report on Friday, May 8th. Weiss Ratings reissued a "sell (d+)" rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. Wall Street Zen lowered shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Finally, Wells Fargo & Company lowered their price objective on shares of PennyMac Financial Services from $100.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $104.88.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 2,177 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total value of $189,159.53. Following the sale, the chief accounting officer owned 48,968 shares of the company's stock, valued at $4,254,829.52. This trade represents a 4.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by company insiders.

About PennyMac Financial Services

PennyMac Financial Services, Inc NYSE: PFSI is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source