Assenagon Asset Management S.A. Sells 8,317 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Assenagon Asset Management S.A. lowered its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 30.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,889 shares of the real estate investment trust's stock after selling 8,317 shares during the quarter. Assenagon Asset Management S.A.'s holdings in PennyMac Financial Services were worth $1,891,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PFSI. TD Waterhouse Canada Inc. bought a new stake in shares of PennyMac Financial Services in the 4th quarter valued at about $39,000. Sterling Capital Management LLC boosted its stake in PennyMac Financial Services by 601.8% in the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock valued at $41,000 after acquiring an additional 343 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in PennyMac Financial Services in the fourth quarter worth $71,000. Parkside Financial Bank & Trust increased its position in shares of PennyMac Financial Services by 54.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust's stock worth $112,000 after purchasing an additional 389 shares in the last quarter. Finally, Polymer Capital Management US LLC acquired a new position in shares of PennyMac Financial Services during the fourth quarter worth $217,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 5,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $98.29, for a total value of $491,450.00. Following the completion of the sale, the chief executive officer now directly owns 140,604 shares in the company, valued at $13,819,967.16. This represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Abbie Tidmore sold 2,669 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $102.55, for a total transaction of $273,705.95. Following the sale, the executive now directly owns 4,878 shares of the company's stock, valued at approximately $500,238.90. This represents a 35.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,579 shares of company stock valued at $3,945,042 in the last ninety days. 15.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PFSI has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. UBS Group dropped their price target on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler lowered their target price on shares of PennyMac Financial Services from $130.00 to $128.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price target on the stock in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $121.17.

PennyMac Financial Services Trading Down 2.7%

PennyMac Financial Services stock opened at $92.83 on Wednesday. PennyMac Financial Services, Inc. has a 52 week low of $85.74 and a 52 week high of $119.13. The stock has a 50-day moving average price of $96.41 and a 200 day moving average price of $100.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 0.19 and a beta of 1.55.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.42 EPS for the quarter, missing the consensus estimate of $2.99 by ($1.57). PennyMac Financial Services had a net margin of 20.27% and a return on equity of 14.78%. The business had revenue of $430.90 million during the quarter, compared to analysts' expectations of $520.42 million. During the same period last year, the company earned $0.74 earnings per share. Sell-side analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Wednesday, May 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.29%. PennyMac Financial Services's dividend payout ratio (DPR) is currently 18.40%.

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.

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