Russell Investments Group Ltd. lessened its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) 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 the real estate investment trust’s stock 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 reporting period.
Other institutional investors have also modified their holdings of the company. Point72 Hong Kong Ltd bought a new stake in shares of PennyMac Financial Services during the 4th quarter valued at about $58,000. Ensign Peak Advisors Inc bought a new stake in shares of PennyMac Financial Services during the 4th quarter valued at about $120,000. Advisor Group Holdings Inc. grew its position in PennyMac Financial Services by 29.2% in the 4th quarter. Advisor Group Holdings Inc. now owns 3,689 shares of the real estate investment trust’s stock worth $257,000 after purchasing an additional 834 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in PennyMac Financial Services by 25.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,797 shares of the real estate investment trust’s stock worth $474,000 after purchasing an additional 1,392 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in PennyMac Financial Services by 62.3% in the 4th quarter. ProShare Advisors LLC now owns 6,826 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 2,619 shares during the last quarter. Institutional investors own 62.61% of the company’s stock.
Insider Activity
In related news, insider Derek Stark sold 5,705 shares of PennyMac Financial Services stock in a transaction on Monday, August 8th. The stock was 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 in the company, valued at approximately $3,075,598.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO David Spector sold 45,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $58.58, for a total value of $2,636,100.00. Following the completion of the transaction, the chief executive officer now owns 680,386 shares of the company’s stock, valued at approximately $39,857,011.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Derek Stark sold 5,705 shares of the business’s stock in a transaction on Monday, August 8th. The shares were 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 in the company, valued at $3,075,598.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,000 shares of company stock worth $4,326,857. Insiders own 18.00% of the company’s stock.
PennyMac Financial Services Price Performance
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 business’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 firm has a market cap of $3.24 billion, a P/E ratio 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 $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $1.06. PennyMac Financial Services had a net margin of 27.37% and a return on equity of 23.04%. 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 predict that PennyMac Financial Services, Inc. will post 7.62 earnings per share for the current fiscal year.
PennyMac Financial Services Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Tuesday, August 16th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, August 15th. This represents a $0.80 annualized dividend and a dividend yield of 1.37%. PennyMac Financial Services’s 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 decreased their target price on shares of PennyMac Financial Services to $66.00 and set a “neutral” rating for the company in a research report on Thursday, May 19th. Piper Sandler decreased their target price on shares of PennyMac Financial Services from $82.00 to $79.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. JMP Securities decreased their target price on shares of PennyMac Financial Services from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. Finally, BTIG Research started coverage on shares of PennyMac Financial Services in a research report on Wednesday, April 20th. They set a “buy” rating and a $60.00 price target on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.17.
About PennyMac Financial Services
PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.
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