M&T Bank Corp Makes New Investment in PennyMac Financial Services, Inc. $PFSI

M&T Bank Corp purchased a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 38,644 shares of the real estate investment trust's stock, valued at approximately $5,095,000. M&T Bank Corp owned approximately 0.07% of PennyMac Financial Services at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in PennyMac Financial Services in the second quarter worth approximately $26,000. Strs Ohio acquired a new stake in PennyMac Financial Services in the first quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 142 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in PennyMac Financial Services by 26.3% in the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust's stock worth $62,000 after acquiring an additional 105 shares in the last quarter. Finally, CWM LLC grew its position in PennyMac Financial Services by 92.7% in the third quarter. CWM LLC now owns 555 shares of the real estate investment trust's stock worth $69,000 after acquiring an additional 267 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Daniel Stanley Perotti sold 2,925 shares of the business's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $93.30, for a total transaction of $272,902.50. Following the completion of the transaction, the chief financial officer owned 213,550 shares of the company's stock, valued at approximately $19,924,215. The trade was a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick Kinsella bought 2,250 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $89.15 per share, with a total value of $200,587.50. Following the purchase, the director owned 34,210 shares in the company, valued at $3,049,821.50. This trade represents a 7.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders sold 51,280 shares of company stock valued at $4,630,853. 15.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Zacks Research upgraded shares of PennyMac Financial Services from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $115.00 target price on the stock in a research report on Monday, March 16th. Piper Sandler cut their target price on PennyMac Financial Services from $137.00 to $122.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Finally, Weiss Ratings cut PennyMac Financial Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, January 20th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $127.25.

PennyMac Financial Services Trading Down 0.1%

NYSE:PFSI opened at $91.27 on Monday. The company's 50 day moving average is $89.65 and its 200-day moving average is $114.67. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.32. PennyMac Financial Services, Inc. has a 12 month low of $82.65 and a 12 month high of $160.36. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 9.81, a P/E/G ratio of 0.53 and a beta of 1.52.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.23 by ($1.26). PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.The firm had revenue of $538.01 million for the quarter, compared to the consensus estimate of $639.81 million. During the same period in the prior year, the company posted $1.95 earnings per share. PennyMac Financial Services's quarterly revenue was up 14.4% on a year-over-year basis. Equities analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 EPS for the current year.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Monday, February 16th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services's dividend payout ratio is 12.90%.

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.

Want to see what other hedge funds are holding PFSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.