Allianz Asset Management GmbH Sells 3,329 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Key Points

• Allianz Asset Management GmbH has reduced its stake in PennyMac Financial Services by 4.5%, holding approximately $7.06 million in shares after selling 3,329 shares.
• Analysts have downgraded price targets for PennyMac Financial Services, with UBS lowering it from $115.00 to $110.00, while maintaining a "neutral" rating.
• PennyMac Financial Services recently announced a quarterly dividend of $0.30 per share, resulting in an annual yield of 1.28% and a payout ratio of 16.64%.

Allianz Asset Management GmbH reduced its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,565 shares of the real estate investment trust's stock after selling 3,329 shares during the period. Allianz Asset Management GmbH owned approximately 0.14% of PennyMac Financial Services worth $7,064,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PFSI. CWM LLC raised its stake in shares of PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 113 shares during the last quarter. TD Waterhouse Canada Inc. bought a new stake in PennyMac Financial Services in the 4th quarter valued at $39,000. Sterling Capital Management LLC boosted its stake 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 purchasing an additional 343 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of PennyMac Financial Services during the 4th quarter worth about $71,000. Finally, Xponance Inc. purchased a new stake in PennyMac Financial Services in the 1st quarter valued at about $202,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PFSI. Piper Sandler cut 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 note on Wednesday, July 23rd. UBS Group dropped their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company lowered their price target 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. Barclays decreased their price objective on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $118.67.

PennyMac Financial Services Stock Performance

PFSI stock traded down $0.89 during mid-day trading on Thursday, reaching $93.18. The company had a trading volume of 33,064 shares, compared to its average volume of 375,452. The stock's 50-day simple moving average is $97.63 and its two-hundred day simple moving average is $99.57. The stock has a market capitalization of $4.81 billion, a P/E ratio of 12.92 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. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.34%. The firm had revenue of $444.73 million for the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the prior year, the firm earned $1.85 earnings per share. The firm's quarterly revenue was up 9.5% compared to the same quarter last year. Research analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.29%. PennyMac Financial Services's dividend payout ratio (DPR) is presently 16.64%.

Insider Transactions at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 11,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $98.23, for a total transaction of $1,080,530.00. Following the sale, the director directly owned 92,863 shares in the company, valued at approximately $9,121,932.49. The trade was a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 5,000 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $100.81, for a total value of $504,050.00. Following the completion of the sale, the chief executive officer owned 135,604 shares in the company, valued at $13,670,239.24. This trade represents a 3.56% 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 worth $3,616,005 over the last three months. 15.80% of the stock is currently owned by insiders.

About PennyMac Financial Services

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.