Kinetic Partners Management LP Makes New Investment in PennyMac Financial Services, Inc. $PFSI

Kinetic Partners Management LP bought a new position in PennyMac Financial Services, Inc. (NYSE:PFSI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 209,900 shares of the real estate investment trust’s stock, valued at approximately $18,282,000.

Other large investors also recently made changes to their positions in the company. Palisade Capital Management LP purchased a new stake in PennyMac Financial Services during the second quarter valued at about $4,366,000. Legal & General Group Plc purchased a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $2,250,000. The Manufacturers Life Insurance Company acquired a new stake in PennyMac Financial Services in the second quarter valued at approximately $1,713,000. Cullen Capital Management LLC acquired a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at $546,000. Finally, Algert Global LLC boosted its stake in shares of PennyMac Financial Services by 119.5% during the 2nd quarter. Algert Global LLC now owns 60,260 shares of the real estate investment trust’s stock worth $5,249,000 after acquiring an additional 32,810 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Stock Down 1.4%

NYSE:PFSI opened at $74.15 on Wednesday. The stock has a 50-day simple moving average of $80.87 and a 200 day simple moving average of $85.74. PennyMac Financial Services, Inc. has a 52-week low of $71.68 and a 52-week high of $160.36. The company has a market cap of $3.85 billion, a PE ratio of 10.19, a PEG ratio of 0.71 and a beta of 1.45. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.During the same quarter in the prior year, the firm earned $2.54 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. On average, sell-side analysts expect that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. PennyMac Financial Services’s dividend payout ratio is presently 16.48%.

Insiders Place Their Bets

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 2,943 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $81.71, for a total value of $240,472.53. Following the transaction, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at $4,001,175.28. This represents a 5.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on PFSI. Zacks Research downgraded shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. BTIG Research cut their target price on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Wall Street Zen downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Wells Fargo & Company decreased their price objective on shares of PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.88.

PennyMac Financial Services Company 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.