TD Asset Management Inc Acquires 6,458 Shares of PennyMac Financial Services, Inc. $PFSI

Key Points

• TD Asset Management Inc increased its stake in PennyMac Financial Services by 10.5%, acquiring an additional 6,458 shares and bringing its total ownership to 67,952 shares valued at approximately $6.77 million.
• Wall Street analysts have become more optimistic about PennyMac, with Piper Sandler raising the target price from $121 to $136, while the stock has an average price target of $130.17 and a consensus rating of "Moderate Buy."
• Insider trading activity included significant sales by Director Joseph F. Mazzella and CFO Daniel Stanley Perotti, with insiders having sold a total of 35,632 shares in the last 90 days.

TD Asset Management Inc grew its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 10.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,952 shares of the real estate investment trust's stock after buying an additional 6,458 shares during the quarter. TD Asset Management Inc owned 0.13% of PennyMac Financial Services worth $6,771,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PFSI. CWM LLC lifted its position in shares of PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after buying an additional 113 shares in the last quarter. Strs Ohio bought a new position in shares of PennyMac Financial Services during the 1st quarter worth approximately $30,000. Xponance Inc. bought a new position in shares of PennyMac Financial Services during the 1st quarter worth approximately $202,000. Hohimer Wealth Management LLC lifted its position in shares of PennyMac Financial Services by 5.4% during the 1st 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 in the last quarter. Finally, AlphaQuest LLC lifted its position in shares of PennyMac Financial Services by 4.4% during the 1st quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust's stock worth $259,000 after buying an additional 110 shares in the last quarter. Institutional investors own 57.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Piper Sandler lifted their target price on shares of PennyMac Financial Services from $121.00 to $136.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of PennyMac Financial Services from a "sell" rating to a "hold" rating in a research note on Monday, September 29th. Zacks Research upgraded shares of PennyMac Financial Services from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $129.00 price target for the company. in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a research note on Monday, August 25th. They set an "overweight" rating and a $115.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $130.17.

PennyMac Financial Services Stock Up 2.2%

PennyMac Financial Services stock opened at $119.98 on Monday. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $130.02. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 16.64 and a beta of 1.59. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. The firm has a 50 day simple moving average of $116.40 and a 200 day simple moving average of $103.94.

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 earnings per share 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 during the quarter, compared to analysts' expectations of $547.44 million. During the same quarter in the prior year, the firm posted $1.85 earnings per share. The firm's quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

Insider Buying and Selling at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 7,107 shares of PennyMac Financial Services stock in a transaction that occurred 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 completion of the transaction, the director directly owned 86,050 shares in the company, valued at approximately $9,307,168. The trade was a 7.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Stanley Perotti sold 5,850 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $108.20, for a total transaction of $632,970.00. Following the completion of the transaction, the chief financial officer owned 228,175 shares of the company's stock, valued at $24,688,535. This represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,632 shares of company stock valued at $3,998,816 over the last 90 days. 15.80% of the stock is currently owned by corporate insiders.

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.

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