Vanguard Group Inc. Reduces Stock Position in PennyMac Financial Services, Inc. $PFSI

Vanguard Group Inc. trimmed its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,819,955 shares of the real estate investment trust’s stock after selling 79,570 shares during the quarter. Vanguard Group Inc. owned 5.45% of PennyMac Financial Services worth $349,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. boosted its position in PennyMac Financial Services by 26.3% in the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 105 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PennyMac Financial Services by 0.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock valued at $1,598,000 after buying an additional 111 shares in the last quarter. Arizona State Retirement System boosted its holdings in PennyMac Financial Services by 1.8% in the 3rd quarter. Arizona State Retirement System now owns 9,172 shares of the real estate investment trust’s stock worth $1,136,000 after buying an additional 166 shares during the period. Legal & General Group Plc increased its stake in PennyMac Financial Services by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 35,478 shares of the real estate investment trust’s stock worth $3,535,000 after buying an additional 173 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in PennyMac Financial Services by 6.8% during the second quarter. Ameritas Investment Partners Inc. now owns 2,987 shares of the real estate investment trust’s stock valued at $298,000 after acquiring an additional 190 shares during the period. Institutional investors own 57.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PFSI. Keefe, Bruyette & Woods dropped their price target on PennyMac Financial Services from $143.00 to $115.00 and set a “market perform” rating for the company in a research note on Monday, February 2nd. Jefferies Financial Group began coverage on PennyMac Financial Services in a research note on Friday, December 19th. They issued a “buy” rating and a $160.00 price objective for the company. Barclays cut their target price on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Finally, Piper Sandler lowered their target price on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Five investment 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 MarketBeat, the company presently has an average rating of “Hold” and an average price target of $139.71.

PennyMac Financial Services Price Performance

NYSE PFSI opened at $91.79 on Friday. The company has a market cap of $4.79 billion, a PE ratio of 9.87, a P/E/G ratio of 0.53 and a beta of 1.54. The firm’s 50 day moving average price is $121.95 and its 200-day moving average price is $122.39. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.36 and a current ratio of 0.34. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.The business had revenue of $538.01 million during the quarter, compared to analyst estimates of $639.81 million. During the same period in the previous year, the business earned $1.95 EPS. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. Sell-side analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Monday, February 16th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.3%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services’s payout ratio is presently 12.90%.

Insider Transactions at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $93.30, for a total value of $272,902.50. Following the completion of the transaction, the chief financial officer owned 213,550 shares of the company’s stock, valued at $19,924,215. The trade was a 1.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Gregory L. Hendry sold 3,530 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $131.64, for a total value of $464,689.20. Following the completion of the sale, the chief accounting officer owned 48,633 shares in the company, valued at $6,402,048.12. The trade was a 6.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,308 shares of company stock valued at $4,236,500 over the last quarter. 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.