Corient Private Wealth LP Invests $2.27 Million in PennyMac Financial Services, Inc. $PFSI

Key Points

• Corient Private Wealth acquired 26,048 PennyMac Financial Services shares worth approximately $2.27 million in the second quarter, giving it a 0.05% stake. Institutional investors collectively own 57.87% of PFSI.
• PennyMac reported quarterly EPS of $1.39, missing analyst expectations of $2.11, although revenue increased 11.8% year over year. The company also paid a quarterly dividend of $0.30 per share, yielding about 1.7% annually.
• PFSI shares opened at $72.38, near their 52-week low of $70.67, while analysts lowered several price targets. The stock carries a consensus “Hold” rating and an average price target of $104.88.

Corient Private Wealth LP acquired a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 26,048 shares of the real estate investment trust's stock, valued at approximately $2,269,000. Corient Private Wealth LP owned 0.05% of PennyMac Financial Services at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MFN Partners Management LP acquired a new stake in PennyMac Financial Services during the 2nd quarter worth $394,719,083. BlackRock Inc. acquired a new position in shares of PennyMac Financial Services in the 2nd quarter valued at $202,735,000. Donald Smith & CO. Inc. bought a new position in shares of PennyMac Financial Services in the 2nd quarter worth $163,940,000. Norges Bank bought a new position in shares of PennyMac Financial Services in the 4th quarter worth $44,287,000. Finally, Bank of New York Mellon Corp bought a new position in shares of PennyMac Financial Services in the 2nd quarter worth $26,424,000. 57.87% of the stock is owned by institutional investors.

Insider Activity

In other PennyMac Financial Services 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 value 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. The trade was a 4.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 15.20% of the company's stock.

PennyMac Financial Services Price Performance

NYSE:PFSI opened at $72.38 on Thursday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The stock's 50-day simple moving average is $79.79 and its 200 day simple moving average is $84.84. The company has a market cap of $3.76 billion, a P/E ratio of 9.94, a P/E/G ratio of 0.67 and a beta of 1.44. PennyMac Financial Services, Inc. has a 52-week low of $70.67 and a 52-week high of $160.36.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted 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%.During the same quarter in the prior year, the business earned $2.54 EPS. PennyMac Financial Services's quarterly revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, August 17th. PennyMac Financial Services's payout ratio is presently 16.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays dropped their price objective on PennyMac Financial Services from $93.00 to $85.00 and set an "equal weight" rating for the company in a report on Thursday, July 30th. Wells Fargo & Company reduced their target price on PennyMac Financial Services from $100.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Piper Sandler lowered PennyMac Financial Services from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $106.00 to $86.00 in a research report on Thursday, July 30th. Stephens decreased their target price on PennyMac Financial Services from $91.00 to $78.00 and set an "equal weight" rating for the company in a research report on Thursday, July 30th. Finally, Zacks Research cut PennyMac Financial Services from a "hold" rating to a "strong sell" rating in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.88.

About PennyMac Financial Services

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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