Bank of New York Mellon Corp Raises Stock Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Bank of New York Mellon Corp grew its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 45.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 290,235 shares of the real estate investment trust's stock after purchasing an additional 91,338 shares during the period. Bank of New York Mellon Corp owned about 0.56% of PennyMac Financial Services worth $29,055,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Lightrock Netherlands B.V. boosted its position in PennyMac Financial Services by 55.1% during the first quarter. Lightrock Netherlands B.V. now owns 136,055 shares of the real estate investment trust's stock worth $13,643,000 after purchasing an additional 48,312 shares during the period. Rhumbline Advisers increased its stake in shares of PennyMac Financial Services by 1.6% in the first quarter. Rhumbline Advisers now owns 42,208 shares of the real estate investment trust's stock valued at $4,225,000 after buying an additional 679 shares during the period. GAMMA Investing LLC increased its stake in shares of PennyMac Financial Services by 12,101.0% in the first quarter. GAMMA Investing LLC now owns 11,713 shares of the real estate investment trust's stock valued at $1,173,000 after buying an additional 11,617 shares during the period. ProShare Advisors LLC increased its stake in shares of PennyMac Financial Services by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 7,530 shares of the real estate investment trust's stock valued at $769,000 after buying an additional 2,478 shares during the period. Finally, Millennium Management LLC boosted its holdings in PennyMac Financial Services by 104.5% in the fourth quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock valued at $52,967,000 after acquiring an additional 264,956 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PFSI has been the topic of a number of research analyst reports. Barclays cut their price target on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. UBS Group reissued a "neutral" rating and issued a $115.00 price objective (up previously from $110.00) on shares of PennyMac Financial Services in a report on Tuesday. Keefe, Bruyette & Woods raised their target price on PennyMac Financial Services from $114.00 to $121.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Wells Fargo & Company cut their target price 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 dropped their price target on PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, July 1st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, PennyMac Financial Services has an average rating of "Moderate Buy" and an average target price of $121.67.

PennyMac Financial Services Trading Up 1.4%

PennyMac Financial Services stock traded up $1.36 during trading hours on Thursday, reaching $100.89. The company had a trading volume of 280,437 shares, compared to its average volume of 327,523. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.30 and a quick ratio of 0.30. The company has a 50-day moving average price of $98.02 and a 200 day moving average price of $99.75. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 0.21 and a beta of 1.53. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its earnings results 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 business had revenue of $430.90 million for the quarter, compared to analysts' expectations of $520.42 million. PennyMac Financial Services had a net margin of 20.27% and a return on equity of 14.78%. During the same period last year, the firm posted $0.74 earnings per share. 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 company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.20 annualized dividend and a yield of 1.19%. PennyMac Financial Services's payout ratio is 18.40%.

Insiders Place Their Bets

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 10,500 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $99.45, for a total value of $1,044,225.00. Following the sale, the chief financial officer directly owned 234,025 shares of the company's stock, valued at approximately $23,273,786.25. The trade was a 4.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph F. Mazzella sold 11,000 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $98.23, for a total value of $1,080,530.00. Following the completion of the sale, the director directly owned 92,863 shares in the company, valued at $9,121,932.49. This trade represents a 10.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,500 shares of company stock valued at $3,616,005. 15.80% of the stock is currently owned by corporate insiders.

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.