Victory Capital Management Inc. Decreases Stock Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Key Points

• Victory Capital Management Inc. has reduced its stake in PennyMac Financial Services by 54.5%, holding $1.15 million worth of shares after selling 13,723 shares during the 1st quarter.
• Insiders, including CEO David Spector and CFO Daniel Stanley Perotti, sold a total of 36,500 shares valued at $3.6 million in the past ninety days, indicating a combined decrease in ownership by 3.56% and 4.29% respectively.
• PennyMac Financial Services recently missed earnings estimates, reporting $1.02 earnings per share against a consensus of $3.01, despite a revenue increase of 9.5% year-over-year.

Victory Capital Management Inc. lessened its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 54.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,461 shares of the real estate investment trust's stock after selling 13,723 shares during the quarter. Victory Capital Management Inc.'s holdings in PennyMac Financial Services were worth $1,147,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hohimer Wealth Management LLC boosted its position in PennyMac Financial Services by 5.4% during the first quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust's stock worth $235,000 after purchasing an additional 121 shares during the period. CWM LLC boosted its position in PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 113 shares during the period. New York State Common Retirement Fund boosted its position in PennyMac Financial Services by 1.2% during the first quarter. New York State Common Retirement Fund now owns 71,944 shares of the real estate investment trust's stock worth $7,202,000 after purchasing an additional 879 shares during the period. Xponance Inc. bought a new position in shares of PennyMac Financial Services in the first quarter valued at approximately $202,000. Finally, Bank of New York Mellon Corp boosted its position in shares of PennyMac Financial Services by 45.9% in the first quarter. Bank of New York Mellon Corp now owns 290,235 shares of the real estate investment trust's stock valued at $29,055,000 after acquiring an additional 91,338 shares during the period. Institutional investors own 57.87% of the company's stock.

PennyMac Financial Services Trading Up 2.8%

NYSE:PFSI traded up $2.64 during trading hours on Friday, hitting $95.78. The company had a trading volume of 526,345 shares, compared to its average volume of 445,745. The company has a market capitalization of $4.95 billion, a PE ratio of 13.28 and a beta of 1.50. The stock has a 50-day moving average price of $97.61 and a 200 day moving average price of $99.47. PennyMac Financial Services, Inc. has a 52 week low of $85.74 and a 52 week high of $119.13. 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 announced its 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 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 the consensus estimate of $547.44 million. During the same quarter last year, the firm posted $1.85 EPS. The business's quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm 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 dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, August 13th. PennyMac Financial Services's payout ratio is 16.64%.

Wall Street Analysts Forecast Growth

PFSI has been the subject of a number of analyst reports. Wells Fargo & Company cut 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. UBS Group decreased their price target on shares of 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. Piper Sandler decreased 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 note on Wednesday, July 23rd. Barclays decreased their price target on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 8th. Finally, Wall Street Zen downgraded shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $118.67.

Insiders Place Their Bets

In other news, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $100.81, for a total value of $504,050.00. Following the completion of the transaction, the chief executive officer owned 135,604 shares of the company's stock, valued at $13,670,239.24. The trade was a 3.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $99.45, for a total value of $1,044,225.00. Following the completion of the transaction, the chief financial officer directly owned 234,025 shares of the company's stock, valued at approximately $23,273,786.25. This represents a 4.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,500 shares of company stock worth $2,535,475. Company insiders own 15.80% of the company's stock.

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.