Russell Investments Group Ltd. reduced its holding of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) stock by 22.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,287 shares of Real Estate Investment Trust after selling 14,442 shares during the period. Russell Investments Group Ltd. owned 0.09% of PennyMac Financial Services worth $2,737,000 at the end of the most recent period.
Other institutional investors have also changed their stakes in the company. Point72 Hong Kong Ltd acquired a new interest in PennyMac Financial Services stock valued at approximately $58,000 during the fourth quarter. Ensign Peak Advisors Inc acquired a new interest in PennyMac Financial Services stock valued at approximately $120,000 during the fourth quarter. Advisor Group Holdings Inc. increased its position in PennyMac Financial Services by 29.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 3,689 shares of the real estate investment trust worth $257,000 after purchasing an additional 834 shares last quarter. Zurich Cantonal Bank Zurich Cantonalbank increased its position in PennyMac Financial Services by 25.8% in the fourth quarter. Zurich Cantonal Bank Zurich Cantonal Bank now owns 6,797 shares of the real estate investment trust, valued at $474,000, after buying another 1,392 shares last quarter. Finally, ProShare Advisors LLC increased its position in PennyMac Financial Services by 62.3% during the fourth quarter. ProShare Advisors LLC now owns 6,826 shares of the Real Estate Investment Trust worth $476,000 after purchasing an additional 2,619 shares last quarter. Institutional investors own 62.61% of the company’s shares.
In related news, insider Derek Stark sold 5,705 shares of PennyMac Financial Services in one transaction Monday, Aug. 8. The stock sold at an average price of $56.62 for a total value of $323,017.10. Following the transaction, the insider now directly owns 54,320 shares of the company’s stock valued at approximately $3,075,598.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed at this hyperlink. In related news, CEO David Spector sold 45,000 shares of the company’s stock in a transaction that took place on Wednesday, August 10th. The shares were sold at an average price of $58.58 for a total value of $2,636,100.00. Upon completion of the transaction, the Chief Executive Officer now owns 680,386 shares of the Company, valued at approximately $39,857,011.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also on Monday, August 8, insider Derek Stark sold 5,705 shares of the company’s stock in one transaction. The shares sold at an average price of $56.62 for a total transaction of $323,017.10. Following the sale, the insider now directly owns 54,320 shares of the company’s stock valued at $3,075,598.40. The disclosure for this sale can be found here. Over the past 90 days, insiders sold 78,000 shares of the company’s stock valued at $4,326,857. Insiders own 18.00% of the company’s shares.
Price performance from PennyMac Financial Services
NYSE:PFSI opened at $58.52 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.63 and a debt to equity ratio of 1.36. The company’s 50-day moving average price is $48.82 and its 200-day moving average price is $51.62. PennyMac Financial Services, Inc. has a 52-week low of $38.53 and a 52-week high of $71.52. The company has a market cap of $3.24 billion, a P/E of 4.96 and a beta of 1.30.
PennyMac Financial Services (NYSE:PFSI – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The Real Estate Investment Trust reported earnings per share (EPS) of $2.28 for the quarter, beating the consensus estimate of $1.22 by $1.06. PennyMac Financial Services had a 27.37% net margin and a 23.04% return on equity. The company had revenue of $511.52 million for the quarter, compared to analysts’ expectations of $475.70 million. As a group, sell-side analysts are forecasting that PennyMac Financial Services, Inc. will report fiscal year-to-date earnings per share of 7.62.
PennyMac Financial Services Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Tuesday, August 16 will receive a dividend of $0.20. The ex-dividend date of this dividend is Monday August 15th. That equates to an annualized dividend of $0.80 and a dividend yield of 1.37%. PennyMac Financial Services’ dividend payout ratio is currently 6.77%.
Analysts set new price targets
PFSI has been the subject of several recent analyst reports. StockNews.com upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Thursday, May 19th. Credit Suisse Group lowered its price target for shares of PennyMac Financial Services to $66.00 and rated the company “neutral” in a research report on Thursday, May 19. Piper Sandler lowered its target price on PennyMac Financial Services shares to $79.00 from $82.00 and gave the company an “overweight” rating in a research report on Tuesday, June 28. JMP Securities lowered its target price on PennyMac Financial Services shares to $65.00 from $75.00 and gave the company a “buy” rating in a research report on Wednesday, May 25. Finally, on Wednesday, April 20, BTIG Research began reporting on shares of PennyMac Financial Services in a research report. They put a “buy” rating on the stock and a price target of $60.00. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, PennyMac Financial Services currently has a consensus rating of Moderate Buy and a consensus price target of $72.17.
About PennyMac Financial Services
PennyMac Financial Services, Inc, through its subsidiaries in the United States, is engaged in mortgage banking and investment management. It operates through three segments: Manufacturing, Service and Investment Management. The Production segment is engaged in the origination, acquisition and sale of loans.
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