NewEdge Wealth LLC Invests $906,000 in PennyMac Financial Services, Inc. $PFSI

NewEdge Wealth LLC acquired a new stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,403 shares of the real estate investment trust’s stock, valued at approximately $906,000.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in PennyMac Financial Services during the 2nd quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in PennyMac Financial Services during the 2nd quarter valued at about $26,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 228 shares during the period. Strs Ohio purchased a new position in shares of PennyMac Financial Services in the first quarter worth about $30,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of PennyMac Financial Services in the fourth quarter worth about $31,000. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PennyMac Financial Services

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

PennyMac Financial Services Stock Performance

Shares of PFSI stock opened at $75.10 on Friday. PennyMac Financial Services, Inc. has a 52-week low of $71.68 and a 52-week high of $160.36. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22. The stock has a market cap of $3.90 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45. The business has a 50-day simple moving average of $81.20 and a 200-day simple moving average of $86.07.

PennyMac Financial Services (NYSE:PFSI) last posted its 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 period last year, the business earned $2.54 EPS. PennyMac Financial Services’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities analysts expect that PennyMac Financial Services, Inc. will post 7.36 EPS for the current year.

PennyMac Financial Services Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. BTIG Research dropped their target price on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th. Keefe, Bruyette & Woods decreased their price objective 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. Wells Fargo & Company dropped 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 report on Thursday, July 30th. Finally, Stephens cut their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.