Vanguard Group Inc. Has $287.58 Million Stake in 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. decreased its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 0.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,872,637 shares of the real estate investment trust's stock after selling 13,943 shares during the period. Vanguard Group Inc. owned 5.59% of PennyMac Financial Services worth $287,580,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of PennyMac Financial Services by 12,101.0% during the 1st quarter. GAMMA Investing LLC now owns 11,713 shares of the real estate investment trust's stock valued at $1,173,000 after purchasing an additional 11,617 shares during the period. Renaissance Technologies LLC purchased a new position in shares of PennyMac Financial Services during the 4th quarter worth about $1,307,000. Lightrock Netherlands B.V. boosted its position in PennyMac Financial Services by 55.1% in the 1st quarter. Lightrock Netherlands B.V. now owns 136,055 shares of the real estate investment trust's stock valued at $13,643,000 after buying an additional 48,312 shares during the period. Picton Mahoney Asset Management raised its stake in shares of PennyMac Financial Services by 12,632.9% during the 1st quarter. Picton Mahoney Asset Management now owns 89,130 shares of the real estate investment trust's stock worth $8,922,000 after acquiring an additional 88,430 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of PennyMac Financial Services in the 1st quarter valued at $695,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

Insider Buying and Selling

In other PennyMac Financial Services news, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 130,604 shares of the company's stock, valued at $13,808,760.92. The trade was a 3.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph F. Mazzella sold 7,107 shares of the company'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 in the company, valued at $9,307,168. This trade represents a 7.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,107 shares of company stock worth $2,292,843 over the last three months. 15.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

PFSI has been the subject of several research analyst reports. Wall Street Zen lowered shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Piper Sandler decreased 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 note on Wednesday, July 23rd. Wells Fargo & Company reduced their price objective on shares of PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Finally, Barclays reduced their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $118.67.

PennyMac Financial Services Stock Down 1.2%

NYSE:PFSI traded down $1.30 during trading hours on Thursday, hitting $103.99. The stock had a trading volume of 116,128 shares, compared to its average volume of 376,793. The business has a 50 day simple moving average of $99.43 and a two-hundred day simple moving average of $98.92. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13. The company has a market cap of $5.38 billion, a PE ratio of 14.39 and a beta of 1.50. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.01 by ($1.99). The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.85 earnings per share. Analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, August 13th. PennyMac Financial Services's payout ratio is currently 16.64%.

PennyMac Financial Services Company 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.