Vanguard Group Inc. Sells 13,943 Shares of PennyMac Financial Services, Inc. $PFSI

Key Points

• Vanguard Group Inc. reduced its stake in PennyMac Financial Services by 0.5%, now owning approximately 5.59% of the company, amounting to a value of $287.58 million.
• Several institutional investors have increased their holdings significantly, including GAMMA Investing LLC, which grew its position by 12,101%, now owning shares worth $1.17 million.
• PennyMac Financial Services reported a quarterly earnings miss with earnings per share of $1.02, significantly below the consensus estimate of $3.01.

Vanguard Group Inc. trimmed its position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,872,637 shares of the real estate investment trust's stock after selling 13,943 shares during the quarter. Vanguard Group Inc. owned 5.59% of PennyMac Financial Services worth $287,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PFSI. CWM LLC boosted its position in PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 113 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in PennyMac Financial Services during the 4th quarter valued at $39,000. Sterling Capital Management LLC boosted its position 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 valued at $41,000 after buying an additional 343 shares during the period. Aquatic Capital Management LLC purchased a new stake in PennyMac Financial Services during the 4th quarter valued at $71,000. Finally, Xponance Inc. purchased a new stake in PennyMac Financial Services during the 1st quarter valued at $202,000. 57.87% of the stock is currently owned by institutional investors.

PennyMac Financial Services Trading Up 6.2%

PFSI stock traded up $6.3690 on Friday, reaching $109.7590. The company's stock had a trading volume of 562,606 shares, compared to its average volume of 397,716. The business has a fifty day simple moving average of $99.81 and a two-hundred day simple moving average of $98.96. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $119.13. The firm has a market cap of $5.68 billion, a PE ratio of 15.22 and a beta of 1.50. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34.

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 EPS for the quarter, missing analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business had revenue of $444.73 million during the quarter, compared to analysts' expectations of $547.44 million. During the same period in the previous year, the business earned $1.85 EPS. The business's revenue was up 9.5% compared to the same quarter last year. As a group, research analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.1%. PennyMac Financial Services's dividend payout ratio (DPR) is currently 16.64%.

Analysts Set New Price Targets

Several brokerages have weighed in on PFSI. Piper Sandler dropped their price target on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. UBS Group dropped their price target on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company dropped their price target on PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, July 23rd. Wall Street Zen raised PennyMac Financial Services from a "sell" rating to a "hold" rating in a research note on Friday. Finally, Barclays dropped their price target on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a research note on Tuesday, July 8th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.67.

Insider Buying and Selling at PennyMac Financial Services

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