State of New Jersey Common Pension Fund D Boosts Stake in PennyMac Financial Services, Inc. $PFSI

State of New Jersey Common Pension Fund D lifted its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 1.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,753 shares of the real estate investment trust’s stock after purchasing an additional 281 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in PennyMac Financial Services were worth $1,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of PennyMac Financial Services in the second quarter worth $867,000. Allianz Asset Management GmbH raised its stake in shares of PennyMac Financial Services by 5.6% in the second quarter. Allianz Asset Management GmbH now owns 74,498 shares of the real estate investment trust’s stock worth $7,423,000 after purchasing an additional 3,933 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of PennyMac Financial Services in the second quarter worth $62,000. TD Asset Management Inc raised its stake in shares of PennyMac Financial Services by 10.5% in the second quarter. TD Asset Management Inc now owns 67,952 shares of the real estate investment trust’s stock worth $6,771,000 after purchasing an additional 6,458 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of PennyMac Financial Services in the second quarter worth $366,000. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. UBS Group boosted their price target on PennyMac Financial Services from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Keefe, Bruyette & Woods upped their price objective on PennyMac Financial Services from $129.00 to $138.00 and gave the company a “market perform” rating in a research report on Friday, October 24th. Wall Street Zen upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of PennyMac Financial Services in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.67.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $125.25 on Friday. The stock has a 50-day simple moving average of $120.37 and a two-hundred day simple moving average of $105.93. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $134.56. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.34 and a current ratio of 0.36. The firm has a market capitalization of $6.48 billion, a PE ratio of 13.50 and a beta of 1.59.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.98 by $0.39. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The business had revenue of $632.90 million during the quarter, compared to analyst estimates of $573.46 million. During the same quarter in the previous year, the company posted $1.30 earnings per share. PennyMac Financial Services’s revenue for the quarter was up 53.7% on a year-over-year basis. Analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Monday, November 17th. PennyMac Financial Services’s payout ratio is currently 12.93%.

Insider Buying and Selling

In other PennyMac Financial Services news, CEO David Spector sold 71,161 shares of the business’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $128.07, for a total transaction of $9,113,589.27. Following the completion of the sale, the chief executive officer owned 577,859 shares of the company’s stock, valued at approximately $74,006,402.13. The trade was a 10.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Anne Mccallion sold 27,771 shares of the business’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $131.55, for a total value of $3,653,275.05. Following the sale, the director directly owned 1,547 shares of the company’s stock, valued at $203,507.85. This represents a 94.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 173,685 shares of company stock worth $21,896,093. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.