Picton Mahoney Asset Management Acquires 88,430 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Key Points

• Picton Mahoney Asset Management increased its stake in PennyMac Financial Services by an astonishing 12,632.9% during the 1st quarter, acquiring an additional 88,430 shares to reach a total of 89,130 shares worth approximately $8.92 million.
• PennyMac Financial Services reported earnings per share of $1.02 for the last quarter, missing estimates significantly, while its revenue was up 9.5% year-over-year despite falling short of expectations.
• The company announced a quarterly dividend of $0.30 per share, equivalent to an annualized dividend of $1.20, representing a yield of 1.28% with a payout ratio of 16.64%.

Picton Mahoney Asset Management raised its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 12,632.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 89,130 shares of the real estate investment trust's stock after buying an additional 88,430 shares during the period. Picton Mahoney Asset Management owned approximately 0.17% of PennyMac Financial Services worth $8,922,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas acquired a new stake in shares of PennyMac Financial Services during the fourth quarter worth approximately $518,000. Sei Investments Co. raised its position in shares of PennyMac Financial Services by 5.7% in the fourth quarter. Sei Investments Co. now owns 18,379 shares of the real estate investment trust's stock valued at $1,877,000 after purchasing an additional 991 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of PennyMac Financial Services in the fourth quarter valued at approximately $654,000. Vanguard Group Inc. raised its position in shares of PennyMac Financial Services by 7.4% in the fourth quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust's stock valued at $294,835,000 after purchasing an additional 199,667 shares during the period. Finally, Norges Bank bought a new position in shares of PennyMac Financial Services in the fourth quarter valued at approximately $38,004,000. Institutional investors and hedge funds own 57.87% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PFSI. Wells Fargo & Company cut their target price on shares of 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. UBS Group lowered their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 24th. Keefe, Bruyette & Woods lowered their target price on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Barclays lowered 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. Finally, Piper Sandler reduced their price target on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, PennyMac Financial Services presently has a consensus rating of "Moderate Buy" and an average price target of $118.67.

Insider Activity at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $99.45, for a total transaction of $1,044,225.00. Following the completion of the transaction, the chief financial officer directly owned 234,025 shares in the company, valued at approximately $23,273,786.25. The trade was a 4.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Spector sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $100.81, for a total value of $504,050.00. Following the transaction, the chief executive officer owned 135,604 shares of the company's stock, valued at approximately $13,670,239.24. This trade represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,500 shares of company stock worth $2,535,475 in the last 90 days. Company insiders own 15.80% of the company's stock.

PennyMac Financial Services Stock Up 2.5%

Shares of NYSE:PFSI traded up $2.37 during trading on Friday, reaching $95.51. 285,774 shares of the stock were exchanged, compared to its average volume of 377,066. The stock has a fifty day moving average of $97.59 and a two-hundred day moving average of $99.53. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 13.24 and a beta of 1.53. The company has a debt-to-equity ratio of 3.03, a current ratio of 0.34 and a quick ratio of 0.30.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate 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 period last year, the company earned $1.85 earnings per share. PennyMac Financial Services's revenue for the quarter was up 9.5% compared to the same quarter last year. Research analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. PennyMac Financial Services's dividend payout ratio (DPR) is currently 16.64%.

PennyMac Financial Services 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.