The Manufacturers Life Insurance Company bought a new stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,665 shares of the real estate investment trust’s stock, valued at approximately $1,713,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of PennyMac Financial Services in the 2nd quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at $26,000. Caitong International Asset Management Co. Ltd increased its position in shares of PennyMac Financial Services by 7,600.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 228 shares during the period. Strs Ohio acquired a new stake in shares of PennyMac Financial Services during the first quarter worth $30,000. Finally, Los Angeles Capital Management LLC bought a new position in PennyMac Financial Services during the fourth quarter worth $31,000. Institutional investors own 57.87% of the company’s stock.
PennyMac Financial Services Trading Up 1.3%
NYSE PFSI opened at $73.14 on Friday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 10.05, a P/E/G ratio of 0.68 and a beta of 1.44. PennyMac Financial Services, Inc. has a 52 week low of $70.67 and a 52 week high of $160.36. The business has a 50 day moving average price of $79.57 and a 200-day moving average price of $84.71. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22.
PennyMac Financial Services Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, August 17th. This represents a $1.20 annualized dividend and a 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 Hendry sold 2,943 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were 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 approximately $4,001,175.28. This trade represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 15.20% of the company’s stock.
Analyst Ratings Changes
PFSI has been the topic of several recent analyst reports. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Barclays decreased their price target on PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. BTIG Research dropped their price objective on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, Wells Fargo & Company cut their target price on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.88.
View Our Latest Research Report on PFSI
About PennyMac Financial Services
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.
Featured Articles
- Five stocks we like better than PennyMac Financial Services
- The Path to $230 Billion: Broadcom Outlines the Next Phase of Its AI Growth Story
- NVIDIA’s Hugging Face Deal Raises a Bigger Question About Its AI Moat Now
- Dropping the Dough: Yum! Brands Strategically Trims the Fat
- These 3 Stock Charts Just Flashed the Dreaded Death Cross Pattern
Want to see what other hedge funds are holding PFSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PennyMac Financial Services, Inc. (NYSE:PFSI – Free Report).
Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.
