Bryce Point Capital LLC Sells 7,996 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Key Points

• Bryce Point Capital LLC significantly reduced its stake in PennyMac Financial Services by 52.7%, owning 7,169 shares after selling 7,996 shares, valued at approximately $728,000.
• PennyMac Financial Services has seen varied responses from analysts, with price targets being lowered by multiple firms; the average target price currently stands at $118.67.
• The company reported a quarterly EPS of $1.02, falling short of the projected $3.01, despite a year-over-year revenue increase of 9.5%.

Bryce Point Capital LLC trimmed its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 52.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,169 shares of the real estate investment trust's stock after selling 7,996 shares during the quarter. Bryce Point Capital LLC's holdings in PennyMac Financial Services were worth $728,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PFSI. Vanguard Group Inc. lifted its stake in shares of PennyMac Financial Services by 7.4% in the fourth quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock valued at $294,835,000 after buying an additional 199,667 shares in the last quarter. FMR LLC lifted its position in PennyMac Financial Services by 11.9% in the 4th quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust's stock valued at $133,380,000 after acquiring an additional 138,853 shares in the last quarter. Invesco Ltd. lifted its position in PennyMac Financial Services by 0.3% in the 4th quarter. Invesco Ltd. now owns 1,183,458 shares of the real estate investment trust's stock valued at $120,878,000 after acquiring an additional 3,527 shares in the last quarter. Geode Capital Management LLC boosted its stake in PennyMac Financial Services by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 658,559 shares of the real estate investment trust's stock valued at $67,283,000 after purchasing an additional 10,795 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in PennyMac Financial Services by 104.5% during the 4th quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock worth $52,967,000 after purchasing an additional 264,956 shares in the last quarter. 57.87% of the stock is owned by institutional investors.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock traded down $0.51 during trading hours on Monday, hitting $93.56. 401,493 shares of the company's stock traded hands, compared to its average volume of 428,425. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of 12.98 and a beta of 1.53. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $119.13. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.30 and a quick ratio of 0.30. The company has a fifty day simple moving average of $97.80 and a 200-day simple moving average of $99.64.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.34%. PennyMac Financial Services's quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.85 EPS. Equities research analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.28%. PennyMac Financial Services's payout ratio is currently 16.64%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their target price on PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating on the stock in a report on Thursday. UBS Group decreased their price target on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a report on Thursday. Piper Sandler dropped their price objective on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Wells Fargo & Company cut their price objective on shares of PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Finally, Barclays reduced 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 note on Tuesday, July 8th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $118.67.

Insider Buying and Selling

In related news, Director Joseph F. Mazzella sold 11,000 shares of PennyMac Financial Services 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 owned 92,863 shares of the company's stock, valued at approximately $9,121,932.49. This trade represents a 10.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the business'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 in the company, valued at $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. In the last quarter, insiders have sold 36,500 shares of company stock valued at $3,616,005. 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.