Truist Financial Corp Invests $835,000 in PennyMac Financial Services, Inc. $PFSI

Truist Financial Corp purchased a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the third quarter, Holdings Channel reports. The firm purchased 6,743 shares of the real estate investment trust’s stock, valued at approximately $835,000.

A number of other hedge funds also recently bought and sold shares of PFSI. Geode Capital Management LLC lifted its stake in PennyMac Financial Services by 6.0% in the 2nd quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock worth $71,924,000 after purchasing an additional 41,124 shares in the last quarter. Basswood Capital Management L.L.C. grew its holdings in shares of PennyMac Financial Services by 5.9% during the 2nd quarter. Basswood Capital Management L.L.C. now owns 570,210 shares of the real estate investment trust’s stock worth $56,816,000 after purchasing an additional 31,743 shares during the period. Norges Bank acquired a new stake in shares of PennyMac Financial Services during the second quarter valued at about $39,976,000. Ameriprise Financial Inc. increased its holdings in PennyMac Financial Services by 43.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 400,788 shares of the real estate investment trust’s stock valued at $39,935,000 after purchasing an additional 121,382 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of PennyMac Financial Services by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 399,388 shares of the real estate investment trust’s stock valued at $39,795,000 after buying an additional 52,227 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PFSI. Zacks Research downgraded shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Jefferies Financial Group began coverage on PennyMac Financial Services in a research report on Friday, December 19th. They set a “buy” rating and a $160.00 price objective for the company. Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $143.00 to $115.00 and set a “market perform” rating on the stock in a research report on Monday, February 2nd. Wall Street Zen cut PennyMac Financial Services from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Finally, BTIG Research restated a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.71.

PennyMac Financial Services Price Performance

PFSI stock opened at $94.48 on Wednesday. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $160.36. The company has a market cap of $4.91 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.54 and a beta of 1.55. The firm has a 50 day moving average of $132.03 and a 200-day moving average of $123.14. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. PennyMac Financial Services had a return on equity of 10.36% and a net margin of 24.48%.The company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period last year, the firm earned $1.95 EPS. As a group, equities analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Monday, February 16th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 13th. PennyMac Financial Services’s payout ratio is 12.90%.

Insider Activity

In other news, CAO Gregory L. Hendry sold 3,530 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $131.64, for a total transaction of $464,689.20. Following the sale, the chief accounting officer owned 48,633 shares in the company, valued at $6,402,048.12. This trade represents a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $145.19, for a total value of $1,451,900.00. Following the completion of the sale, the chief executive officer directly owned 100,604 shares in the company, valued at approximately $14,606,694.76. The trade was a 9.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 47,305 shares of company stock valued at $6,329,768 in the last 90 days. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.