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

Bank of America Corp DE lessened its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 80.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,787 shares of the real estate investment trust's stock after selling 74,874 shares during the quarter. Bank of America Corp DE's holdings in PennyMac Financial Services were worth $1,817,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC lifted its stake in shares of PennyMac Financial Services by 505.4% in the 3rd quarter. Barclays PLC now owns 60,179 shares of the real estate investment trust's stock worth $6,859,000 after purchasing an additional 50,238 shares during the period. KBC Group NV lifted its stake in shares of PennyMac Financial Services by 15.6% in the 4th quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust's stock worth $158,000 after purchasing an additional 209 shares during the period. Lightrock Netherlands B.V. bought a new position in shares of PennyMac Financial Services in the 4th quarter worth approximately $9,006,000. Rhumbline Advisers lifted its stake in shares of PennyMac Financial Services by 1.0% in the 4th quarter. Rhumbline Advisers now owns 41,529 shares of the real estate investment trust's stock worth $4,242,000 after purchasing an additional 414 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of PennyMac Financial Services by 4.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 20,017 shares of the real estate investment trust's stock worth $2,045,000 after purchasing an additional 766 shares during the period. Hedge funds and other institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Stock Performance

NYSE PFSI traded up $0.06 on Thursday, reaching $95.01. 247,887 shares of the stock were exchanged, compared to its average volume of 312,039. PennyMac Financial Services, Inc. has a one year low of $85.74 and a one year high of $119.13. The firm has a market capitalization of $4.91 billion, a PE ratio of 16.27, a PEG ratio of 0.19 and a beta of 1.60. The company's 50-day simple moving average is $96.83 and its two-hundred day simple moving average is $100.98. The company has a current ratio of 0.26, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.99 by ($1.57). The company had revenue of $430.90 million for the quarter, compared to the consensus estimate of $520.42 million. PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. During the same quarter in the previous year, the business earned $0.74 EPS. Analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Wednesday, May 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Wednesday, May 14th. PennyMac Financial Services's payout ratio is currently 18.40%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PFSI shares. Wells Fargo & Company lowered their price objective on shares of PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Piper Sandler lowered their price objective on shares of PennyMac Financial Services from $130.00 to $128.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. UBS Group lowered their price objective on shares of 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. Finally, Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 target price on the stock in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $121.17.

Insider Activity

In related news, Director Joseph F. Mazzella sold 11,000 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $98.23, for a total value of $1,080,530.00. Following the completion of the transaction, the director now directly owns 92,863 shares of the company's stock, valued at approximately $9,121,932.49. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Abbie Tidmore sold 2,669 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $102.55, for a total transaction of $273,705.95. Following the completion of the transaction, the executive now directly owns 4,878 shares of the company's stock, valued at approximately $500,238.90. This trade represents a 35.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,579 shares of company stock worth $3,453,592 over the last quarter. Insiders own 16.60% of the company's stock.

PennyMac Financial Services Company 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.