MFN Partners Management LP acquired a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund acquired 4,531,792 shares of the real estate investment trust’s stock, valued at approximately $394,719,083,000. PennyMac Financial Services makes up about 8.2% of MFN Partners Management LP’s investment portfolio, making the stock its 5th biggest holding. MFN Partners Management LP owned approximately 0.09% of PennyMac Financial Services as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in PFSI. Caitong International Asset Management Co. Ltd increased its holdings in 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 last quarter. Los Angeles Capital Management LLC acquired a new stake in PennyMac Financial Services in the fourth quarter valued at $31,000. EverSource Wealth Advisors LLC acquired a new stake in PennyMac Financial Services in the second quarter valued at $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of PennyMac Financial Services in the 2nd quarter valued at about $25,000. Finally, Strs Ohio bought a new position in shares of PennyMac Financial Services in the 1st quarter valued at about $30,000. 57.87% of the stock is owned by institutional investors.
Insider Activity at PennyMac Financial Services
In related news, CAO Gregory L. Hendry sold 2,943 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $81.71, for a total transaction of $240,472.53. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 15.20% of the company’s stock.
PennyMac Financial Services Price Performance
PennyMac Financial Services (NYSE:PFSI – Get Free Report) last announced 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 quarter in the prior year, the company posted $2.54 EPS. The business’s revenue was up 11.8% on a year-over-year basis. Equities analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current year.
PennyMac Financial Services Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. PennyMac Financial Services’s dividend payout ratio is presently 16.48%.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on PFSI. BTIG Research lowered their price objective on shares of 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. Stephens reduced their price target on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Zacks Research cut PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Wall Street Zen downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Piper Sandler lowered PennyMac Financial Services from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $106.00 to $86.00 in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $104.88.
Check Out Our Latest Analysis on PFSI
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.
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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).
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