Geode Capital Management LLC Grows Stock Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Geode Capital Management LLC grew its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 3.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 647,764 shares of the real estate investment trust’s stock after purchasing an additional 19,662 shares during the period. Geode Capital Management LLC owned about 1.26% of PennyMac Financial Services worth $73,841,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp grew its stake in shares of PennyMac Financial Services by 6.0% during the third quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock valued at $103,911,000 after buying an additional 51,777 shares during the last quarter. XTX Topco Ltd bought a new position in PennyMac Financial Services during the 3rd quarter worth approximately $614,000. FORA Capital LLC purchased a new position in PennyMac Financial Services in the 3rd quarter worth approximately $616,000. Maverick Capital Ltd. lifted its position in PennyMac Financial Services by 263.8% in the second quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock valued at $1,221,000 after purchasing an additional 9,357 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of PennyMac Financial Services during the third quarter valued at approximately $24,644,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $101.66 on Friday. PennyMac Financial Services, Inc. has a fifty-two week low of $81.93 and a fifty-two week high of $119.13. The stock’s 50 day simple moving average is $104.39 and its two-hundred day simple moving average is $101.93. 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 $5.21 billion, a price-to-earnings ratio of 32.27 and a beta of 1.78.

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 for the quarter, missing the consensus estimate of $2.92 by ($1.62). The firm had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.77 earnings per share. As a group, analysts expect that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Monday, November 18th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.18%. PennyMac Financial Services’s payout ratio is 38.10%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PFSI shares. Wells Fargo & Company lifted their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Piper Sandler upped their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and issued a $130.00 target price on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lowered their price target on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating for the company in a research report on Tuesday, December 10th. Finally, Barclays lifted their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.50.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the completion of the transaction, the chief financial officer now owns 235,997 shares in the company, valued at approximately $26,651,141.21. The trade was a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Spector sold 10,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $104.95, for a total value of $1,049,500.00. Following the completion of the sale, the chief executive officer now directly owns 170,604 shares in the company, valued at approximately $17,904,889.80. This represents a 5.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,032 shares of company stock valued at $5,721,112 in the last three months. Company insiders own 16.60% of the company’s stock.

PennyMac Financial Services 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.