186,804 Shares in PennyMac Financial Services, Inc. $PFSI Bought by Philadelphia Financial Management of San Francisco LLC

Key Points

• Philadelphia Financial Management of San Francisco LLC acquired 186,804 shares of PennyMac Financial Services, valued at approximately $18.7 million, making it the fund's fourth largest holding.
• Several hedge funds increased their stakes in PennyMac Financial Services, including CWM LLC, which grew its position by 71.5%.
• PennyMac Financial Services announced a quarterly dividend of $0.30 per share, reflecting an annualized dividend yield of 1.0%.

Philadelphia Financial Management of San Francisco LLC purchased a new position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 186,804 shares of the real estate investment trust's stock, valued at approximately $18,701,000. PennyMac Financial Services comprises 3.7% of Philadelphia Financial Management of San Francisco LLC's investment portfolio, making the stock its 4th biggest position. Philadelphia Financial Management of San Francisco LLC owned 0.36% of PennyMac Financial Services as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PFSI. AlphaQuest LLC boosted its position in PennyMac Financial Services by 4.4% in the first quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust's stock worth $259,000 after purchasing an additional 110 shares during the last quarter. CWM LLC raised its stake in shares of PennyMac Financial Services by 71.5% in the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after buying an additional 113 shares during the period. Hohimer Wealth Management LLC raised its stake in shares of PennyMac Financial Services by 5.4% in the first quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust's stock worth $235,000 after buying an additional 121 shares during the period. State of Wyoming raised its stake in shares of PennyMac Financial Services by 7.1% in the first quarter. State of Wyoming now owns 6,407 shares of the real estate investment trust's stock worth $641,000 after buying an additional 427 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of PennyMac Financial Services by 4.1% in the fourth 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 buying an additional 606 shares during the period. Hedge funds and other institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Trading Up 5.3%

PFSI traded up $6.43 during trading hours on Thursday, reaching $126.77. 337,108 shares of the company's stock traded hands, compared to its average volume of 382,638. The firm has a 50-day moving average price of $103.90 and a 200 day moving average price of $99.95. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $127.56. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.03. The firm has a market capitalization of $6.56 billion, a PE ratio of 17.59 and a beta of 1.51.

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

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Wednesday, August 13th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 0.9%. PennyMac Financial Services's payout ratio is presently 16.64%.

Analysts Set New Price Targets

PFSI has been the topic of several recent analyst reports. Wall Street Zen raised PennyMac Financial Services from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Wells Fargo & Company initiated coverage on PennyMac Financial Services in a research note on Monday, August 25th. They issued an "overweight" rating and a $115.00 price objective on the stock. Piper Sandler reduced their price objective on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on PennyMac Financial Services from $117.00 to $121.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Finally, UBS Group reduced their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a research note on Thursday, July 24th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $119.33.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, insider Derek Stark sold 4,750 shares of PennyMac Financial Services stock in a transaction on Monday, August 25th. The stock was sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the sale, the insider directly owned 20,621 shares of the company's stock, valued at $2,259,236.76. The trade was a 18.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction on Monday, August 18th. The shares were sold at an average price of $105.73, for a total value of $528,650.00. Following the sale, the chief executive officer directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 30,632 shares of company stock valued at $3,295,916. Company 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.