PennyMac Financial Services, Inc. $PFSI Stock Position Decreased by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stock position in PennyMac Financial Services by 2.5%, selling 7,079 shares and holding a total of 280,661 shares worth approximately $28 million.
• Several analysts have upgraded their ratings on PennyMac Financial Services, with a consensus rating of "Moderate Buy" and an average target price of $118.67.
• PennyMac announced a $0.30 quarterly dividend, resulting in an annual yield of 1.1%, and insiders have sold a total of 26,857 shares over the last three months.

Northern Trust Corp lessened its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 2.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 280,661 shares of the real estate investment trust's stock after selling 7,079 shares during the quarter. Northern Trust Corp owned about 0.54% of PennyMac Financial Services worth $28,097,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwest & Ethical Investments L.P. purchased a new position in shares of PennyMac Financial Services in the 1st quarter valued at approximately $644,000. Russell Investments Group Ltd. lifted its holdings in shares of PennyMac Financial Services by 19.8% in the 1st quarter. Russell Investments Group Ltd. now owns 17,145 shares of the real estate investment trust's stock valued at $1,716,000 after buying an additional 2,832 shares during the period. Nuveen LLC acquired a new stake in shares of PennyMac Financial Services in the 1st quarter valued at approximately $10,550,000. Invesco Ltd. lifted its holdings in shares of PennyMac Financial Services by 4.5% in the 1st quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust's stock valued at $123,848,000 after buying an additional 53,660 shares during the period. Finally, Cynosure Group LLC lifted its holdings in shares of PennyMac Financial Services by 16.8% in the 1st quarter. Cynosure Group LLC now owns 6,682 shares of the real estate investment trust's stock valued at $669,000 after buying an additional 963 shares during the period. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Financial Services Stock Up 1.7%

Shares of PFSI traded up $1.89 during midday trading on Thursday, reaching $114.72. 134,849 shares of the company were exchanged, compared to its average volume of 376,753. The stock has a 50-day moving average price of $102.06 and a 200-day moving average price of $99.35. The company has a market cap of $5.93 billion, a price-to-earnings ratio of 15.91 and a beta of 1.51. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03.

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

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.0%. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

Analyst Ratings Changes

PFSI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price target on PennyMac Financial Services from $117.00 to $121.00 and gave the company an "outperform" rating in a report on Wednesday. Barclays reduced their price objective on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a report on Tuesday, July 8th. Wells Fargo & Company began coverage on PennyMac Financial Services in a report on Monday, August 25th. They set an "overweight" rating and a $115.00 price objective for the company. Piper Sandler reduced their price objective on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Finally, UBS Group reduced their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a report on Thursday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, PennyMac Financial Services presently has an average rating of "Moderate Buy" and a consensus target price of $119.33.

Insider Transactions at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 5,850 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $108.20, for a total transaction of $632,970.00. Following the completion of the transaction, the chief financial officer directly owned 228,175 shares of the company's stock, valued at approximately $24,688,535. This represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Spector sold 5,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $105.73, for a total value of $528,650.00. Following the transaction, the chief executive officer directly owned 130,604 shares of the company's stock, valued at $13,808,760.92. This trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,707 shares of company stock worth $3,446,223. 15.80% of the stock is owned by corporate 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.