Massachusetts Financial Services Co. MA Sells 7,565 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Massachusetts Financial Services Co. MA lowered its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 2.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 312,685 shares of the real estate investment trust's stock after selling 7,565 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.61% of PennyMac Financial Services worth $31,303,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CWM LLC grew its holdings in shares of PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 113 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $39,000. Sterling Capital Management LLC lifted its position in shares of PennyMac Financial Services by 601.8% during the 4th quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock worth $41,000 after buying an additional 343 shares during the period. Aquatic Capital Management LLC bought a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $71,000. Finally, Xponance Inc. bought a new position in shares of PennyMac Financial Services during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 57.87% of the company's stock.

Insider Buying and Selling

In other news, Director Joseph F. Mazzella sold 11,000 shares of the firm's stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $99.45, for a total value of $1,044,225.00. Following the completion of the sale, the chief financial officer owned 234,025 shares of the company's stock, valued at approximately $23,273,786.25. This represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,500 shares of company stock valued at $3,616,005 in the last three months. Insiders own 15.80% of the company's stock.

PennyMac Financial Services Stock Performance

NYSE:PFSI traded up $2.28 on Tuesday, hitting $104.22. The company's stock had a trading volume of 533,373 shares, compared to its average volume of 327,836. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 2.96. The stock has a fifty day moving average of $98.13 and a two-hundred day moving average of $99.72. The firm has a market capitalization of $5.38 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 0.22 and a beta of 1.53. PennyMac Financial Services, Inc. has a one year low of $85.74 and a one year high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). The company had revenue of $430.90 million for the quarter, compared to analyst estimates of $520.42 million. PennyMac Financial Services had a return on equity of 14.78% and a net margin of 20.27%. During the same period in the prior year, the company earned $0.74 EPS. Research analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Wednesday, May 14th. PennyMac Financial Services's dividend payout ratio is currently 18.40%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. UBS Group restated a "neutral" rating and set a $115.00 target price (up previously from $110.00) on shares of PennyMac Financial Services in a research report on Tuesday, July 15th. Barclays dropped their target price on 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. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Piper Sandler dropped their price objective on PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, July 1st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.67.

PennyMac Financial Services 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.