Seven Eight Capital LP Takes $268,000 Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Seven Eight Capital LP bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,836 shares of the real estate investment trust’s stock, valued at approximately $268,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PFSI. Hexagon Capital Partners LLC increased its holdings in PennyMac Financial Services by 29.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 109 shares during the period. QRG Capital Management Inc. increased its stake in PennyMac Financial Services by 0.7% in the first quarter. QRG Capital Management Inc. now owns 33,892 shares of the real estate investment trust’s stock valued at $3,087,000 after acquiring an additional 232 shares during the period. MorganRosel Wealth Management LLC raised its position in PennyMac Financial Services by 2.2% in the first quarter. MorganRosel Wealth Management LLC now owns 10,811 shares of the real estate investment trust’s stock worth $985,000 after purchasing an additional 236 shares in the last quarter. Arizona State Retirement System lifted its stake in PennyMac Financial Services by 2.9% during the second quarter. Arizona State Retirement System now owns 11,999 shares of the real estate investment trust’s stock worth $1,135,000 after purchasing an additional 336 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in PennyMac Financial Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,587 shares of the real estate investment trust’s stock valued at $418,000 after purchasing an additional 361 shares in the last quarter. 57.87% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the sale, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at approximately $20,308,804.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the transaction, the insider now directly owns 14,670 shares of the company’s stock, valued at $1,714,629.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Spector sold 10,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the sale, the chief executive officer now owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The disclosure for this sale can be found here. Insiders sold a total of 79,355 shares of company stock valued at $8,306,734 over the last three months. Company insiders own 16.60% of the company’s stock.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $112.47 on Tuesday. The business’s 50-day simple moving average is $103.05 and its 200 day simple moving average is $95.00. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 39.05, a P/E/G ratio of 0.75 and a beta of 1.77. PennyMac Financial Services, Inc. has a 12-month low of $62.15 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business had revenue of $406.13 million during the quarter, compared to the consensus estimate of $469.64 million. During the same period last year, the business posted $1.11 EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, research analysts anticipate that PennyMac Financial Services, Inc. will post 10.61 earnings per share for the current year.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th were given a $0.30 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 41.67%.

Wall Street Analysts Forecast Growth

PFSI has been the subject of a number of recent research reports. Wedbush increased their target price on PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Piper Sandler boosted their target price on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, PennyMac Financial Services currently has an average rating of “Hold” and a consensus price target of $107.17.

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.