Bank of New York Mellon Corp Buys Shares of 303,380 PennyMac Financial Services, Inc. $PFSI

Key Points

• Bank of New York Mellon acquired 303,380 PennyMac Financial Services shares valued at approximately $26.4 million, giving it a 0.58% stake. Institutional investors collectively own 57.87% of PFSI.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $104.88 target price after several firms lowered their estimates; Piper Sandler downgraded the stock to neutral.
• PFSI was trading near $73.30, close to its 52-week low, after reporting quarterly EPS of $1.39 versus the $2.11 consensus estimate. The company maintained a $0.30 quarterly dividend, equivalent to a 1.6% yield.

Bank of New York Mellon Corp bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 303,380 shares of the real estate investment trust's stock, valued at approximately $26,424,000. Bank of New York Mellon Corp owned approximately 0.58% of PennyMac Financial Services at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in shares of PennyMac Financial Services by 3.8% during the 1st quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust's stock worth $2,404,000 after purchasing an additional 875 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of PennyMac Financial Services by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust's stock valued at $1,594,000 after purchasing an additional 706 shares during the period. Intech Investment Management LLC boosted its stake in shares of PennyMac Financial Services by 5.8% in the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust's stock valued at $1,540,000 after purchasing an additional 840 shares during the period. Strs Ohio acquired a new position in shares of PennyMac Financial Services in the first quarter valued at approximately $30,000. Finally, Prudential Financial Inc. grew its holdings in shares of PennyMac Financial Services by 82.8% in the second quarter. Prudential Financial Inc. now owns 4,084 shares of the real estate investment trust's stock valued at $413,000 after purchasing an additional 1,850 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 2,177 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total transaction of $189,159.53. Following the completion of the sale, the chief accounting officer owned 48,968 shares of the company's stock, valued at $4,254,829.52. This represents a 4.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on PFSI shares. Piper Sandler downgraded shares of PennyMac Financial Services from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $106.00 to $86.00 in a research report on Thursday, July 30th. BTIG Research lowered their target price on shares of PennyMac Financial Services from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Wells Fargo & Company cut their price target on PennyMac Financial Services from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of PennyMac Financial Services in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lowered their price objective on PennyMac Financial Services from $108.00 to $100.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.88.

PennyMac Financial Services Stock Performance

NYSE PFSI opened at $73.30 on Friday. PennyMac Financial Services, Inc. has a fifty-two week low of $71.68 and a fifty-two week high of $160.36. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45. The business has a fifty day moving average of $80.34 and a 200-day moving average of $85.33. The company has a quick ratio of 0.38, a current 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 results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.The company's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.54 EPS. As a group, analysts predict that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

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

PennyMac Financial Services Profile

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.

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