California State Teachers Retirement System Sells 11,308 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

California State Teachers Retirement System decreased its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 28.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,431 shares of the real estate investment trust's stock after selling 11,308 shares during the period. California State Teachers Retirement System owned approximately 0.06% of PennyMac Financial Services worth $2,904,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new stake in PennyMac Financial Services during the fourth quarter worth about $38,004,000. Millennium Management LLC boosted its stake in PennyMac Financial Services by 104.5% during the fourth quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock worth $52,967,000 after acquiring an additional 264,956 shares in the last quarter. Vanguard Group Inc. boosted its stake in PennyMac Financial Services by 7.4% during the fourth quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock worth $294,835,000 after acquiring an additional 199,667 shares in the last quarter. Boston Partners boosted its stake in PennyMac Financial Services by 50.1% during the fourth quarter. Boston Partners now owns 497,080 shares of the real estate investment trust's stock worth $51,313,000 after acquiring an additional 165,997 shares in the last quarter. Finally, FMR LLC boosted its stake in PennyMac Financial Services by 11.9% during the fourth quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust's stock worth $133,380,000 after acquiring an additional 138,853 shares in the last quarter. Institutional investors own 57.87% of the company's stock.

Insider Activity

In other PennyMac Financial Services news, CRO Abbie Tidmore sold 2,669 shares of the company's stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Elbaum sold 410 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total transaction of $42,180.80. Following the sale, the insider now directly owns 4,207 shares of the company's stock, valued at approximately $432,816.16. This represents a 8.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,579 shares of company stock valued at $3,453,592 over the last three months. Insiders own 16.60% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on PFSI. Piper Sandler dropped 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. Wells Fargo & Company decreased their target price on shares of PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. UBS Group decreased their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 target price for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $121.17.

PennyMac Financial Services Stock Up 0.1%

Shares of PennyMac Financial Services stock opened at $95.01 on Friday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26. The stock has a market capitalization of $4.91 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 0.19 and a beta of 1.60. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $119.13. The company has a 50-day simple moving average of $96.72 and a two-hundred day simple moving average of $100.93.

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 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 for the quarter, compared to analysts' expectations of $520.42 million. During the same period in the previous year, the firm earned $0.74 earnings per share. On average, analysts anticipate 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 issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.26%. 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.

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