Bank of New York Mellon Corp trimmed its position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 7.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 235,734 shares of the real estate investment trust's stock after selling 20,164 shares during the period. Bank of New York Mellon Corp owned 0.45% of PennyMac Financial Services worth $20,603,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PFSI. Norges Bank bought a new stake in shares of PennyMac Financial Services in the 4th quarter valued at approximately $44,287,000. Y Intercept Hong Kong Ltd raised its position in shares of PennyMac Financial Services by 210.4% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 43,605 shares of the real estate investment trust's stock valued at $3,811,000 after acquiring an additional 29,557 shares in the last quarter. Clough Capital Partners L P bought a new position in PennyMac Financial Services during the fourth quarter worth $5,391,000. Concentric Capital Strategies LP lifted its stake in PennyMac Financial Services by 420.3% during the fourth quarter. Concentric Capital Strategies LP now owns 86,478 shares of the real estate investment trust's stock worth $11,401,000 after purchasing an additional 69,858 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in PennyMac Financial Services in the fourth quarter worth $5,095,000. 57.87% of the stock is owned by institutional investors.
PennyMac Financial Services Stock Up 1.7%
PennyMac Financial Services stock opened at $85.93 on Wednesday. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 9.13, a PEG ratio of 0.60 and a beta of 1.44. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 3.63. The company's 50-day moving average price is $83.52 and its two-hundred day moving average price is $94.48. PennyMac Financial Services, Inc. has a 52 week low of $77.67 and a 52 week high of $160.36.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 EPS for the quarter, missing analysts' consensus estimates of $2.22 by ($0.03). The company had revenue of $544.98 million for the quarter, compared to the consensus estimate of $546.17 million. PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The firm's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.42 earnings per share. On average, analysts expect that PennyMac Financial Services, Inc. will post 9.77 EPS for the current fiscal year.
PennyMac Financial Services Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Monday, May 18th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, May 18th. PennyMac Financial Services's dividend payout ratio is 12.75%.
Insiders Place Their Bets
In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $87.50, for a total transaction of $255,937.50. Following the completion of the transaction, the chief financial officer directly owned 210,625 shares of the company's stock, valued at approximately $18,429,687.50. This trade represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Gregory L. Hendry sold 2,177 shares of PennyMac Financial Services stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total value of $189,159.53. Following the transaction, the chief accounting officer owned 48,968 shares in the company, valued at approximately $4,254,829.52. This trade represents a 4.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,045 shares of company stock worth $1,565,470 over the last ninety days. Company insiders own 15.80% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of PennyMac Financial Services from $115.00 to $108.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. Zacks Research lowered shares of PennyMac Financial Services from a "hold" rating to a "strong sell" rating in a report on Friday, May 8th. Piper Sandler lowered their price objective on shares of PennyMac Financial Services from $112.00 to $106.00 and set an "overweight" rating for the company in a research report on Thursday, July 2nd. Barclays lowered shares of PennyMac Financial Services from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $107.00 to $93.00 in a research note on Tuesday, July 7th. Finally, BTIG Research cut their target price on shares of PennyMac Financial Services from $150.00 to $105.00 and set a "buy" rating on the stock in a report on Tuesday, June 16th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, PennyMac Financial Services presently has a consensus rating of "Hold" and a consensus price target of $114.62.
Check Out Our Latest Analysis on PennyMac Financial Services
About PennyMac Financial Services
(
Free Report)
PennyMac Financial Services, Inc NYSE: PFSI is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.
Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.
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