Conversant Capital LLC Sells 4,850 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Conversant Capital LLC reduced its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 2.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 195,150 shares of the real estate investment trust's stock after selling 4,850 shares during the period. PennyMac Financial Services comprises about 2.8% of Conversant Capital LLC's holdings, making the stock its 8th largest holding. Conversant Capital LLC owned about 0.38% of PennyMac Financial Services worth $19,933,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. acquired a new position in PennyMac Financial Services during the 4th quarter worth $39,000. Sterling Capital Management LLC boosted its position in shares of PennyMac Financial Services by 601.8% during the 4th quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 343 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of PennyMac Financial Services during the 4th quarter worth about $71,000. Parkside Financial Bank & Trust boosted its position in shares of PennyMac Financial Services by 54.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust's stock worth $112,000 after acquiring an additional 389 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of PennyMac Financial Services by 15.6% during the 4th quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust's stock worth $158,000 after acquiring an additional 209 shares in the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PFSI. Piper Sandler lowered their price objective on PennyMac Financial Services from $130.00 to $128.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. UBS Group reduced their target price on PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods raised PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 price objective for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company dropped their target price on PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of "Moderate Buy" and a consensus target price of $121.17.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock traded up $1.23 during trading hours on Monday, hitting $98.84. 72,283 shares of the company were exchanged, compared to its average volume of 304,877. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 0.19 and a beta of 1.60. The business has a 50-day moving average of $97.70 and a 200-day moving average of $101.59. PennyMac Financial Services, Inc. has a 1 year low of $85.74 and a 1 year high of $119.13. The company has a current ratio of 0.26, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). The business had revenue of $430.90 million for the quarter, compared to analysts' expectations of $520.42 million. PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. During the same period last year, the company posted $0.74 earnings per share. As a group, analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Wednesday, May 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, May 14th. PennyMac Financial Services's dividend payout ratio (DPR) is 18.40%.

Insider Transactions at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 11,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $98.23, for a total value of $1,080,530.00. Following the completion of the transaction, the director now directly owns 92,863 shares of the company's stock, valued at $9,121,932.49. This trade represents a 10.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark Elbaum sold 410 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total value of $42,180.80. Following the completion of the transaction, the insider now directly owns 4,207 shares of the company's stock, valued at $432,816.16. The trade was a 8.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 55,464 shares of company stock valued at $5,621,397. Corporate insiders own 16.60% 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.