PennyMac Financial Services, Inc. $PFSI Shares Purchased by Lightrock Netherlands B.V.

Key Points

• Lightrock Netherlands B.V. increased its stake in PennyMac Financial Services by 22.4% in the first quarter, ending with 152,213 shares valued at about $13.3 million. The position now represents roughly 1.3% of Lightrock’s portfolio.
• PennyMac reported second-quarter results that narrowly missed expectations, with EPS of $2.19 versus the $2.22 consensus and revenue of $544.98 million versus $546.17 million expected. Revenue still rose 26.5% year over year, and analysts are forecasting full-year EPS of 9.77.
• The company also paid a quarterly dividend of $0.30 per share, or $1.20 annualized, for a yield of about 1.4%. Meanwhile, insiders have sold shares recently, and analysts currently have an average Hold rating with a consensus price target of $114.62.

Lightrock Netherlands B.V. boosted its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 22.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 152,213 shares of the real estate investment trust's stock after buying an additional 27,900 shares during the quarter. PennyMac Financial Services accounts for about 1.3% of Lightrock Netherlands B.V.'s portfolio, making the stock its 18th largest holding. Lightrock Netherlands B.V. owned about 0.29% of PennyMac Financial Services worth $13,303,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its holdings in PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 228 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC purchased a new position in shares of PennyMac Financial Services during the 2nd quarter valued at approximately $26,000. GAMMA Investing LLC increased its holdings in PennyMac Financial Services by 97.3% in the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust's stock worth $38,000 after acquiring an additional 142 shares in the last quarter. Finally, Strs Ohio acquired a new position in PennyMac Financial Services during the first quarter worth $30,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Stock Up 2.0%

Shares of NYSE:PFSI opened at $86.71 on Friday. The business has a 50-day moving average price of $84.01 and a 200 day moving average price of $97.24. PennyMac Financial Services, Inc. has a 12-month low of $77.67 and a 12-month high of $160.36. 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 has a market capitalization of $4.50 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 0.60 and a beta of 1.44.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.22 by ($0.03). PennyMac Financial Services had a net margin of 23.47% and a return on equity of 10.93%. The company had revenue of $544.98 million during the quarter, compared to analysts' expectations of $546.17 million. During the same period last year, the firm posted $1.42 earnings per share. PennyMac Financial Services's revenue was up 26.5% on a year-over-year basis. Sell-side analysts expect that PennyMac Financial Services, Inc. will post 9.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Monday, May 18th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, May 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. PennyMac Financial Services's dividend payout ratio is 12.75%.

Insider Buying and Selling

In related news, CEO David Spector sold 10,000 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $87.99, for a total transaction of $879,900.00. Following the completion of the transaction, the chief executive officer owned 60,604 shares in the company, valued at approximately $5,332,545.96. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 dated Wednesday, July 1st. The stock was sold at an average price of $86.89, for a total value of $189,159.53. Following the sale, the chief accounting officer directly owned 48,968 shares of the company's stock, valued at $4,254,829.52. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 18,045 shares of company stock valued at $1,565,470 in the last ninety days. Company insiders own 15.80% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BTIG Research reduced their price target on shares of PennyMac Financial Services from $150.00 to $105.00 and set a "buy" rating for the company in a research report on Tuesday, June 16th. Stephens started coverage on PennyMac Financial Services in a research note on Friday, April 24th. They issued an "equal weight" rating and a $100.00 price target on the stock. Barclays downgraded PennyMac Financial Services from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $107.00 to $93.00 in a research note on Tuesday, July 7th. Wall Street Zen raised shares of PennyMac Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company dropped their price objective on shares of PennyMac Financial Services from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $114.62.

About PennyMac Financial Services

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.