PennyMac Financial Services, Inc. (NYSE:PFSI) Stake Reduced by Foster & Motley Inc.

Foster & Motley Inc. cut its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 17.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,182 shares of the real estate investment trust’s stock after selling 470 shares during the quarter. Foster & Motley Inc.’s holdings in PennyMac Financial Services were worth $206,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cannon Global Investment Management LLC acquired a new stake in PennyMac Financial Services during the 2nd quarter worth about $255,000. Picton Mahoney Asset Management raised its holdings in PennyMac Financial Services by 25.3% during the 2nd quarter. Picton Mahoney Asset Management now owns 59,293 shares of the real estate investment trust’s stock worth $5,609,000 after buying an additional 11,964 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PennyMac Financial Services by 10.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,554 shares of the real estate investment trust’s stock worth $904,000 after buying an additional 935 shares during the period. Bank of New York Mellon Corp raised its holdings in PennyMac Financial Services by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after buying an additional 4,930 shares during the period. Finally, Blue Trust Inc. raised its holdings in PennyMac Financial Services by 1,529.6% during the 2nd quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 413 shares during the period. 57.87% of the stock is currently owned by institutional investors.

Insider Activity at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total value of $920,600.00. Following the transaction, the chief executive officer now owns 220,604 shares of the company’s stock, valued at $20,308,804.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $103.14, for a total value of $2,457,723.06. Following the transaction, the director now owns 1,854 shares of the company’s stock, valued at $191,221.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total transaction of $920,600.00. Following the completion of the transaction, the chief executive officer now directly owns 220,604 shares in the company, valued at approximately $20,308,804.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,225 shares of company stock valued at $5,487,319. 16.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PFSI has been the subject of a number of research reports. Piper Sandler raised their price objective on PennyMac Financial Services from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. StockNews.com downgraded shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Wedbush increased their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report 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 price target on the stock. in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, PennyMac Financial Services has an average rating of “Hold” and an average target price of $107.17.

PennyMac Financial Services Price Performance

Shares of PFSI opened at $106.63 on Friday. The firm has a market cap of $5.43 billion, a PE ratio of 37.02, a PEG ratio of 0.70 and a beta of 1.77. The firm’s 50 day moving average price is $99.13 and its 200 day moving average price is $92.90. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. PennyMac Financial Services, Inc. has a twelve month low of $62.15 and a twelve month high of $109.34.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.80). The business had revenue of $406.13 million for the quarter, compared to the consensus estimate of $469.64 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. PennyMac Financial Services’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.11 EPS. As a group, research analysts expect that PennyMac Financial Services, Inc. will post 10.54 EPS for the current fiscal year.

PennyMac Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Tuesday, August 13th. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 41.67%.

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.