Wellington Management Group LLP Has $30.38 Million Holdings in PennyMac Financial Services, Inc. $PFSI

Key Points

• Wellington Management increased its PennyMac Financial Services stake by 28.1% in the second quarter, acquiring 76,499 additional shares. Its holdings totaled 348,769 shares, valued at approximately $30.38 million.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating, with an average price target of $104.88, despite several analysts recently lowering their targets and Zacks downgrading the shares to “strong sell.”
• PennyMac reported quarterly EPS of $1.39, missing the $2.11 consensus estimate, while revenue rose 11.8% year over year. The company also declared a quarterly dividend of $0.30 per share, equal to a 1.6% annualized yield.

Wellington Management Group LLP lifted its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 28.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 348,769 shares of the real estate investment trust's stock after acquiring an additional 76,499 shares during the period. Wellington Management Group LLP owned approximately 0.67% of PennyMac Financial Services worth $30,378,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PFSI. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in PennyMac Financial Services during the 2nd quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new position in shares of PennyMac Financial Services during the 2nd quarter worth about $26,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of PennyMac Financial Services by 7,600.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 228 shares during the period. Strs Ohio acquired a new position in shares of PennyMac Financial Services during the first quarter valued at about $30,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of PennyMac Financial Services in the fourth quarter valued at about $31,000. Institutional investors own 57.87% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PFSI shares. BTIG Research decreased their target price on PennyMac Financial Services from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Keefe, Bruyette & Woods reduced their price objective on PennyMac Financial Services from $108.00 to $100.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Stephens decreased their price objective on PennyMac Financial Services from $91.00 to $78.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Weiss Ratings restated a "sell (d+)" rating on shares of PennyMac Financial Services in a research report on Monday, August 3rd. Finally, Zacks Research lowered PennyMac Financial Services from a "hold" rating to a "strong sell" rating in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, PennyMac Financial Services currently has an average rating of "Hold" and an average target price of $104.88.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $73.29 on Friday. The firm has a market capitalization of $3.81 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 0.69 and a beta of 1.44. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22. PennyMac Financial Services, Inc. has a 12-month low of $70.67 and a 12-month high of $160.36. The firm has a 50-day moving average price of $79.32 and a 200 day moving average price of $84.63.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing analysts' consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. During the same period last year, the company earned $2.54 EPS. The firm's revenue was up 11.8% on a year-over-year basis. Research analysts anticipate that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Monday, August 17th. PennyMac Financial Services's dividend payout ratio is 16.48%.

Insiders Place Their Bets

In other PennyMac Financial Services news, CAO Gregory Hendry sold 2,177 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $86.89, for a total transaction of $189,159.53. Following the completion of the transaction, the chief accounting officer directly owned 48,968 shares in the company, valued at $4,254,829.52. This represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is owned by company insiders.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc NYSE: PFSI is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.

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