Millennium Management LLC Buys 253,031 Shares of PennyMac Financial Services, Inc. $PFSI

Key Points

• Millennium Management LLC increased its stake in PennyMac Financial Services by 48.8%, acquiring 253,031 shares to hold a total of 771,605 shares valued at approximately $77.25 million.
• Several hedge funds, including T. Rowe Price and Bank of New York Mellon Corp, also raised their positions in PennyMac Financial Services during the first quarter, indicating growing institutional interest in the company.
• PennyMac Financial Services reported a missed earnings estimate of $1.02 per share against an expected $3.01, with quarterly revenue of $444.73 million compared to analyst estimates of $547.44 million.

Millennium Management LLC grew its position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 48.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 771,605 shares of the real estate investment trust's stock after purchasing an additional 253,031 shares during the period. Millennium Management LLC owned about 1.49% of PennyMac Financial Services worth $77,245,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC boosted its stake in shares of PennyMac Financial Services by 71.5% in the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 113 shares in the last quarter. Xponance Inc. acquired a new stake in shares of PennyMac Financial Services in the 1st quarter valued at $202,000. Hohimer Wealth Management LLC boosted its stake in shares of PennyMac Financial Services by 5.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust's stock valued at $235,000 after purchasing an additional 121 shares in the last quarter. AlphaQuest LLC boosted its stake in shares of PennyMac Financial Services by 4.4% in the 1st quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust's stock valued at $259,000 after purchasing an additional 110 shares in the last quarter. Finally, Jump Financial LLC lifted its position in PennyMac Financial Services by 48.8% during the 1st quarter. Jump Financial LLC now owns 4,464 shares of the real estate investment trust's stock worth $447,000 after buying an additional 1,464 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company's stock.

PennyMac Financial Services Trading Down 0.2%

NYSE:PFSI traded down $0.29 on Friday, hitting $124.12. 116,465 shares of the stock were exchanged, compared to its average volume of 383,409. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 17.21 and a beta of 1.51. PennyMac Financial Services, Inc. has a 52 week low of $85.74 and a 52 week high of $127.56. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34. The company's 50-day moving average price is $104.34 and its 200 day moving average price is $100.12.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $3.01 by ($1.99). The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.85 earnings per share. On average, equities research analysts forecast 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 disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services's payout ratio is currently 16.64%.

Analyst Ratings Changes

PFSI has been the topic of several research reports. Keefe, Bruyette & Woods upped their price target on shares of PennyMac Financial Services from $117.00 to $121.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Wells Fargo & Company initiated coverage on shares of PennyMac Financial Services in a research report on Monday, August 25th. They set an "overweight" rating and a $115.00 price target on the stock. Piper Sandler reduced their price target on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Barclays reduced their price target on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 8th. Finally, UBS Group reduced their price target on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a research report on Thursday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $119.33.

Insider Transactions at PennyMac Financial Services

In other news, insider Derek Stark sold 4,750 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $109.56, for a total value of $520,410.00. Following the completion of the sale, the insider directly owned 20,621 shares of the company's stock, valued at $2,259,236.76. This represents a 18.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $116.63, for a total value of $341,142.75. Following the completion of the sale, the chief financial officer directly owned 225,250 shares of the company's stock, valued at approximately $26,270,907.50. This trade represents a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,632 shares of company stock valued at $3,295,916. 15.80% of the stock is owned by company insiders.

PennyMac Financial Services Company 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.