Invesco Ltd. Acquires 53,660 Shares of PennyMac Financial Services, Inc. $PFSI

Key Points

• Invesco Ltd. has increased its stake in PennyMac Financial Services by 4.5%, acquiring 53,660 shares to own approximately 2.39% of the company, valued at $123.8 million.
• PennyMac Financial Services reported a significant earnings miss with $1.02 earnings per share, falling short of the consensus estimate of $3.01, and had revenue of $444.73 million, below analyst expectations.
• The company recently announced a quarterly dividend of $0.30 per share, with an annualized dividend yield of 1.1% and a dividend payout ratio of 16.64%.

Invesco Ltd. increased its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,237,118 shares of the real estate investment trust's stock after purchasing an additional 53,660 shares during the period. Invesco Ltd. owned 2.39% of PennyMac Financial Services worth $123,848,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in PennyMac Financial Services by 12,101.0% in the 1st quarter. GAMMA Investing LLC now owns 11,713 shares of the real estate investment trust's stock worth $1,173,000 after purchasing an additional 11,617 shares during the last quarter. Renaissance Technologies LLC bought a new position in PennyMac Financial Services in the 4th quarter worth approximately $1,307,000. Lightrock Netherlands B.V. raised its position in PennyMac Financial Services by 55.1% in the 1st 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 last quarter. Picton Mahoney Asset Management raised its position in PennyMac Financial Services by 12,632.9% in the 1st quarter. Picton Mahoney Asset Management now owns 89,130 shares of the real estate investment trust's stock worth $8,922,000 after purchasing an additional 88,430 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in PennyMac Financial Services during the 1st quarter worth $695,000. Institutional investors own 57.87% of the company's stock.

Wall Street Analysts Forecast Growth

PFSI has been the subject of several recent research reports. Wells Fargo & Company dropped their target price on shares of PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen cut shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Barclays dropped their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a research report on Tuesday, July 8th. Piper Sandler dropped their target price on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of "Moderate Buy" and an average target price of $118.67.

PennyMac Financial Services Trading Up 0.5%

Shares of PFSI stock traded up $0.58 on Tuesday, hitting $106.09. The stock had a trading volume of 25,775 shares, compared to its average volume of 377,192. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $119.13. The firm has a market cap of $5.49 billion, a P/E ratio of 14.71 and a beta of 1.50. 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 company has a fifty day moving average price of $99.08 and a two-hundred day moving average price of $98.82.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.01 by ($1.99). The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. PennyMac Financial Services's quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.85 EPS. As a group, analysts forecast that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Wednesday, August 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.1%. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

Insiders Place Their Bets

In related news, Director Joseph F. Mazzella sold 7,107 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the transaction, the director directly owned 86,050 shares of the company's stock, valued at approximately $9,307,168. This represents a 7.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Spector sold 5,000 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $100.81, for a total transaction of $504,050.00. Following the completion of the transaction, the chief executive officer directly owned 135,604 shares of the company's stock, valued at approximately $13,670,239.24. The trade was a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,107 shares of company stock valued at $1,764,193. Company insiders own 15.80% of the company's stock.

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.