Principal Financial Group Inc. Sells 16,973 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Principal Financial Group Inc. cut its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,559 shares of the real estate investment trust's stock after selling 16,973 shares during the period. Principal Financial Group Inc. owned 0.19% of PennyMac Financial Services worth $9,767,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Summit Investment Advisors Inc. increased its stake in PennyMac Financial Services by 5.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,797 shares of the real estate investment trust's stock worth $286,000 after acquiring an additional 154 shares during the period. Sterling Capital Management LLC increased its stake in 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 acquiring an additional 343 shares during the period. TD Waterhouse Canada Inc. bought a new position in PennyMac Financial Services during the 4th quarter worth $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in PennyMac Financial Services by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,217 shares of the real estate investment trust's stock worth $1,554,000 after acquiring an additional 606 shares during the period. Finally, MetLife Investment Management LLC increased its stake in PennyMac Financial Services by 4.1% during the 4th quarter. MetLife Investment Management LLC now owns 16,058 shares of the real estate investment trust's stock worth $1,640,000 after acquiring an additional 634 shares during the period. Institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Stock Down 0.5%

PFSI traded down $0.48 on Friday, hitting $100.46. The company had a trading volume of 74,639 shares, compared to its average volume of 326,553. The stock has a fifty day simple moving average of $98.07 and a 200-day simple moving average of $99.75. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $119.13. The firm has a market capitalization of $5.19 billion, a P/E ratio of 15.41, a P/E/G ratio of 0.21 and a beta of 1.53. The company has a debt-to-equity ratio of 2.96, a current ratio of 0.30 and a quick ratio of 0.30.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). PennyMac Financial Services had a net margin of 20.27% and a return on equity of 14.78%. The business had revenue of $430.90 million for the quarter, compared to the consensus estimate of $520.42 million. During the same period in the previous year, the firm earned $0.74 EPS. As a group, equities analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Wednesday, May 14th. PennyMac Financial Services's dividend payout ratio (DPR) is 18.40%.

Insider Activity at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $99.45, for a total transaction of $1,044,225.00. Following the transaction, the chief financial officer owned 234,025 shares in the company, valued at approximately $23,273,786.25. The trade was a 4.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph F. Mazzella sold 11,000 shares of the business's stock in a transaction 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 completion of the sale, the director owned 92,863 shares in the company, valued at approximately $9,121,932.49. The trade was a 10.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,500 shares of company stock worth $3,616,005. 15.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PFSI has been the topic of several recent research reports. Barclays cut their price objective on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. UBS Group reissued a "neutral" rating and issued a $115.00 price objective (up from $110.00) on shares of PennyMac Financial Services in a research report on Tuesday. Piper Sandler lowered their price objective on PennyMac Financial Services from $128.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, July 1st. Wells Fargo & Company lowered their price objective on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their target price on PennyMac Financial Services from $114.00 to $121.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $121.67.

PennyMac Financial Services 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.