Bank of America Corp DE Trims Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Bank of America Corp DE cut its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 80.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,787 shares of the real estate investment trust's stock after selling 74,874 shares during the period. Bank of America Corp DE's holdings in PennyMac Financial Services were worth $1,817,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PFSI. TD Waterhouse Canada Inc. bought a new position in PennyMac Financial Services during the fourth quarter valued at approximately $39,000. Sterling Capital Management LLC boosted its stake in PennyMac Financial Services by 601.8% during the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock valued at $41,000 after buying an additional 343 shares during the last quarter. Aquatic Capital Management LLC bought a new position in PennyMac Financial Services during the fourth quarter valued at approximately $71,000. Parkside Financial Bank & Trust boosted its stake in 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 valued at $112,000 after buying an additional 389 shares during the last quarter. Finally, KBC Group NV boosted its stake in PennyMac Financial Services by 15.6% during the fourth quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust's stock valued at $158,000 after buying an additional 209 shares during the last quarter. 57.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PFSI shares. UBS Group dropped their price target on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods raised PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price target for the company in a research note on Tuesday, April 8th. 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 note on Thursday, April 24th. Finally, Piper Sandler lowered their price objective on 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $121.17.

Insider Transactions at PennyMac Financial Services

In other news, insider Mark Elbaum sold 410 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $102.88, for a total value of $42,180.80. Following the sale, the insider now directly owns 4,207 shares in the company, valued at approximately $432,816.16. This represents a 8.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Abbie Tidmore sold 2,669 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $102.55, for a total value of $273,705.95. Following the transaction, the executive now owns 4,878 shares in the company, valued at $500,238.90. The trade was a 35.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,579 shares of company stock worth $3,453,592. 15.80% of the stock is currently owned by company insiders.

PennyMac Financial Services Trading Up 0.7%

Shares of NYSE:PFSI traded up $0.69 during trading on Friday, hitting $95.68. The company had a trading volume of 221,338 shares, compared to its average volume of 313,286. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 0.19 and a beta of 1.55. PennyMac Financial Services, Inc. has a one year low of $85.74 and a one year high of $119.13. The company has a fifty day simple moving average of $96.64 and a two-hundred day simple moving average of $100.87. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.26 and a quick ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.99 by ($1.57). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. The company had revenue of $430.90 million during the quarter, compared to the consensus estimate of $520.42 million. During the same period in the previous year, the business earned $0.74 earnings per share. As a group, equities analysts forecast that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Wednesday, May 14th were issued a $0.30 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.25%. PennyMac Financial Services's payout ratio is 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.