Dakota Wealth Management Reduces Stake in PennyMac Financial Services, Inc. $PFSI

Key Points

• Dakota Wealth Management significantly reduced its stake in PennyMac Financial Services by 59.5% in the second quarter, now owning 5,295 shares worth $528,000.
• PennyMac Financial Services reported an earnings per share of $1.02 for the last quarter, missing estimates of $3.01, despite a revenue increase of 9.5% year-over-year.
• The company announced a quarterly dividend of $0.30 per share, representing a 1.0% yield with a payout ratio of 16.64%.

Dakota Wealth Management decreased its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 59.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,295 shares of the real estate investment trust's stock after selling 7,779 shares during the period. Dakota Wealth Management's holdings in PennyMac Financial Services were worth $528,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Rhumbline Advisers increased its position in PennyMac Financial Services by 1.6% during the first quarter. Rhumbline Advisers now owns 42,208 shares of the real estate investment trust's stock worth $4,225,000 after buying an additional 679 shares in the last quarter. Strs Ohio purchased a new position in PennyMac Financial Services during the first quarter worth $30,000. Intech Investment Management LLC increased its position in PennyMac Financial Services by 5.8% during the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust's stock worth $1,540,000 after buying an additional 840 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in PennyMac Financial Services during the first quarter worth $18,701,000. Finally, Millennium Management LLC increased its position in PennyMac Financial Services by 48.8% during the first quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust's stock worth $77,245,000 after buying an additional 253,031 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Price Performance

Shares of PennyMac Financial Services stock opened at $123.94 on Monday. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $130.02. The stock has a market capitalization of $6.41 billion, a P/E ratio of 17.19 and a beta of 1.51. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. The business's fifty day moving average price is $109.52 and its 200 day moving average price is $101.94.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the previous year, the business posted $1.85 EPS. PennyMac Financial Services's revenue was up 9.5% compared to the same quarter last year. As a group, research analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Wednesday, August 13th were issued a $0.30 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. PennyMac Financial Services's dividend payout ratio (DPR) is presently 16.64%.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 7,107 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $108.16, for a total value of $768,693.12. Following the transaction, the director directly owned 86,050 shares of the company's stock, valued at $9,307,168. This trade represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Derek Stark sold 4,750 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $109.56, for a total value of $520,410.00. Following the completion of the transaction, the insider directly owned 20,621 shares in the company, valued at $2,259,236.76. This trade represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,632 shares of company stock worth $3,910,766 over the last ninety days. 15.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PFSI. Wells Fargo & Company began coverage on PennyMac Financial Services in a research report on Monday, August 25th. They set an "overweight" rating and a $115.00 price target for the company. Piper Sandler decreased their price objective on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Barclays decreased their price objective 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. Keefe, Bruyette & Woods raised their price objective on PennyMac Financial Services from $117.00 to $121.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Finally, UBS Group decreased their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 24th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $119.33.

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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