PennyMac Financial Services, Inc. $PFSI Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. decreased its stake in PennyMac Financial Services, Inc. by 1.8%, holding 347,161 shares worth approximately $34.8 million after selling 6,470 shares in Q1.
• Several institutional investors, including Russell Investments Group and Invesco Ltd., also adjusted their positions in PennyMac, with Russell increasing its stake by 19.8%.
• PennyMac recently reported a quarterly EPS of $1.02, missing the consensus estimate of $3.01, alongside revenues of $444.73 million versus an estimate of $547.44 million.

American Century Companies Inc. lowered its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 1.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 347,161 shares of the real estate investment trust's stock after selling 6,470 shares during the period. American Century Companies Inc. owned approximately 0.67% of PennyMac Financial Services worth $34,754,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PFSI. Millennium Management LLC boosted its position in shares of PennyMac Financial Services by 104.5% during the 4th quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock worth $52,967,000 after purchasing an additional 264,956 shares during the period. Nuveen LLC purchased a new position in shares of PennyMac Financial Services during the 1st quarter worth approximately $10,550,000. Bank of New York Mellon Corp boosted its position in shares of PennyMac Financial Services by 45.9% during the 1st quarter. Bank of New York Mellon Corp now owns 290,235 shares of the real estate investment trust's stock worth $29,055,000 after purchasing an additional 91,338 shares during the period. Picton Mahoney Asset Management boosted its position in shares of PennyMac Financial Services by 12,632.9% during the 1st quarter. Picton Mahoney Asset Management now owns 89,130 shares of the real estate investment trust's stock worth $8,922,000 after purchasing an additional 88,430 shares during the period. Finally, Invesco Ltd. boosted its position in shares of PennyMac Financial Services by 4.5% during the 1st quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust's stock worth $123,848,000 after purchasing an additional 53,660 shares during the period. Hedge funds and other institutional investors own 57.87% of the company's stock.

Insider Activity

In other news, Director Joseph F. Mazzella sold 7,107 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the sale, the director directly owned 86,050 shares in the company, valued at approximately $9,307,168. This trade represents a 7.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Derek Stark sold 4,750 shares of the firm's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the sale, the insider owned 20,621 shares in the company, valued at $2,259,236.76. The trade was a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,857 shares of company stock worth $2,813,253. 15.80% of the stock is currently owned by corporate insiders.

PennyMac Financial Services Stock Down 0.4%

Shares of PFSI traded down $0.39 during midday trading on Wednesday, reaching $108.65. The stock had a trading volume of 265,706 shares, compared to its average volume of 400,868. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13. The company's fifty day simple moving average is $100.70 and its two-hundred day simple moving average is $99.05. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 15.07 and a beta of 1.50. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the previous year, the business posted $1.85 earnings per share. PennyMac Financial Services's revenue for the quarter was up 9.5% compared to the same quarter last year. Equities research analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on PFSI shares. Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a research report on Monday. They set an "overweight" rating and a $115.00 price objective for the company. UBS Group reduced their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 24th. Piper Sandler reduced their target price 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. Wall Street Zen upgraded shares of PennyMac Financial Services from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Barclays reduced their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, PennyMac Financial Services has an average rating of "Moderate Buy" and a consensus target price of $118.67.

PennyMac Financial Services Profile

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.