Fmr LLC Increases Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Fmr LLC raised its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 231.9% during the third quarter, HoldingsChannel reports. The firm owned 1,166,998 shares of the real estate investment trust’s stock after purchasing an additional 815,389 shares during the period. Fmr LLC’s holdings in PennyMac Financial Services were worth $133,003,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new position in shares of PennyMac Financial Services during the 3rd quarter valued at about $37,000. Blue Trust Inc. raised its stake in shares of PennyMac Financial Services by 1,529.6% during the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 413 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of 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 worth $45,000 after acquiring an additional 109 shares during the last quarter. KBC Group NV grew its holdings in shares of PennyMac Financial Services by 20.3% during the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock valued at $153,000 after purchasing an additional 226 shares during the last quarter. Finally, Cannon Global Investment Management LLC bought a new position in shares of PennyMac Financial Services during the 2nd quarter valued at $255,000. Institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Trading Down 0.5 %

NYSE PFSI opened at $106.14 on Wednesday. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market cap of $5.44 billion, a P/E ratio of 33.70 and a beta of 1.78. The stock has a 50 day simple moving average of $105.85 and a two-hundred day simple moving average of $100.89. PennyMac Financial Services, Inc. has a fifty-two week low of $78.71 and a fifty-two week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). The company had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. PennyMac Financial Services’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.77 earnings per share. On average, analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Monday, November 18th were given a dividend of $0.30 per share. The ex-dividend date was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.13%. PennyMac Financial Services’s dividend payout ratio is presently 38.10%.

Insider Buying and Selling

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the sale, the chief financial officer now owns 235,997 shares of the company’s stock, valued at $26,651,141.21. The trade was a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Gregory L. Hendry sold 3,032 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $102.09, for a total transaction of $309,536.88. Following the transaction, the chief accounting officer now directly owns 48,040 shares of the company’s stock, valued at $4,904,403.60. This represents a 5.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,162 shares of company stock valued at $7,491,026 over the last ninety days. Company insiders own 16.60% of the company’s stock.

Analysts Set New Price Targets

PFSI has been the subject of several analyst reports. Wedbush restated an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Piper Sandler increased their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Barclays increased their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.86.

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.