T. Rowe Price Investment Management Inc. Sells 214,429 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

T. Rowe Price Investment Management Inc. cut its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,265,764 shares of the real estate investment trust's stock after selling 214,429 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 8.32% of PennyMac Financial Services worth $435,706,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFSI. Barclays PLC grew its stake in shares of PennyMac Financial Services by 505.4% in the 3rd quarter. Barclays PLC now owns 60,179 shares of the real estate investment trust's stock worth $6,859,000 after purchasing an additional 50,238 shares during the last quarter. Tidal Investments LLC grew its position in PennyMac Financial Services by 115.3% in the third quarter. Tidal Investments LLC now owns 15,086 shares of the real estate investment trust's stock worth $1,719,000 after buying an additional 8,078 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of PennyMac Financial Services by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust's stock valued at $108,809,000 after buying an additional 21,751 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of PennyMac Financial Services by 27.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 27,206 shares of the real estate investment trust's stock valued at $2,779,000 after acquiring an additional 5,833 shares during the last quarter. Finally, Dakota Wealth Management boosted its stake in shares of PennyMac Financial Services by 2.6% during the 4th quarter. Dakota Wealth Management now owns 14,578 shares of the real estate investment trust's stock worth $1,489,000 after acquiring an additional 374 shares in the last quarter. Institutional investors own 57.87% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PFSI shares. Keefe, Bruyette & Woods raised PennyMac Financial Services from a "market perform" rating to an "outperform" rating and set a $114.00 target price on the stock in a research report on Tuesday, April 8th. Piper Sandler cut their price objective on PennyMac Financial Services from $130.00 to $128.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company decreased their target price on shares of PennyMac Financial Services from $125.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday. Finally, UBS Group cut 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 report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, PennyMac Financial Services presently has an average rating of "Moderate Buy" and an average target price of $121.17.

Insider Activity

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $101.49, for a total value of $1,065,645.00. Following the completion of the transaction, the chief financial officer now directly owns 214,997 shares of the company's stock, valued at $21,820,045.53. The trade was a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Elbaum sold 410 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total transaction of $42,180.80. Following the sale, the insider now directly owns 4,207 shares in the company, valued at $432,816.16. This trade represents a 8.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,464 shares of company stock worth $4,540,867. Company insiders own 16.60% of the company's stock.

PennyMac Financial Services Stock Up 0.8 %

PennyMac Financial Services stock traded up $0.73 during mid-day trading on Monday, hitting $94.33. 51,296 shares of the company's stock were exchanged, compared to its average volume of 389,967. The stock has a 50 day moving average of $98.69 and a two-hundred day moving average of $102.24. PennyMac Financial Services, Inc. has a 1-year low of $84.93 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. The stock has a market cap of $4.85 billion, a P/E ratio of 16.15, a P/E/G ratio of 0.19 and a beta of 1.73.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 EPS for the quarter, missing analysts' consensus estimates of $2.99 by ($1.57). PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. The business had revenue of $430.90 million for the quarter, compared to analyst estimates of $520.42 million. During the same quarter last year, the firm earned $0.74 earnings per share. As a group, analysts anticipate 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, May 23rd. Stockholders of record on Wednesday, May 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.27%. PennyMac Financial Services's dividend payout ratio (DPR) is currently 18.40%.

PennyMac Financial Services Company 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.