Boston Partners Sells 6,174 Shares of PennyMac Financial Services, Inc. $PFSI

Key Points

• Boston Partners reduced its holdings in PennyMac Financial Services by 1.2%, now owning approximately 490,906 shares valued at about $48.9 million.
• Several hedge funds adjusted their positions, with Russell Investments Group Ltd. increasing its share by 19.8% and Nuveen LLC acquiring a new stake worth $10.55 million.
• Wall Street analysts have given PennyMac a consensus rating of "Moderate Buy," with price targets ranging from $110.00 to $121.00 after several recent downward adjustments.

Boston Partners lowered its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 490,906 shares of the real estate investment trust's stock after selling 6,174 shares during the period. Boston Partners owned about 0.95% of PennyMac Financial Services worth $48,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in PennyMac Financial Services by 71.5% in the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after buying an additional 113 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in PennyMac Financial Services in the fourth quarter valued at $39,000. Sterling Capital Management LLC raised its holdings in shares of PennyMac Financial Services by 601.8% during the fourth 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 acquired a new stake in shares of PennyMac Financial Services in the 4th quarter worth about $71,000. Finally, Xponance Inc. acquired a new stake in shares of PennyMac Financial Services in the 1st quarter worth about $202,000. Institutional investors and hedge funds own 57.87% of the company's stock.

PennyMac Financial Services Stock Down 1.5%

NYSE:PFSI traded down $1.6320 during trading hours on Wednesday, reaching $105.3380. 304,204 shares of the stock were exchanged, compared to its average volume of 449,731. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.34. The firm has a 50 day moving average of $99.43 and a 200 day moving average of $98.92. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $119.13. The stock has a market cap of $5.45 billion, a PE ratio of 14.61 and a beta of 1.50.

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 analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The business had revenue of $444.73 million during the quarter, compared to the consensus estimate of $547.44 million. During the same quarter last year, the company posted $1.85 EPS. The firm's revenue was up 9.5% on a year-over-year basis. On average, equities analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Wednesday, August 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 13th. PennyMac Financial Services's payout ratio is currently 16.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. 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 research report on Wednesday, July 23rd. Wall Street Zen lowered shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. UBS Group lowered their price target on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 24th. Finally, Piper Sandler lowered their price objective 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. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.67.

Insider Activity at PennyMac Financial Services

In other news, Director Joseph F. Mazzella sold 7,107 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $108.16, for a total transaction of $768,693.12. Following the completion of the sale, the director owned 86,050 shares in the company, valued at $9,307,168. The trade was a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO David Spector sold 5,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $105.73, for a total value of $528,650.00. Following the sale, the chief executive officer owned 130,604 shares of the company's stock, valued at $13,808,760.92. This trade represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,107 shares of company stock worth $2,292,843. Insiders own 15.80% of the company's stock.

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.