Picton Mahoney Asset Management Boosts Stake in PennyMac Financial Services, Inc. $PFSI

Picton Mahoney Asset Management raised its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 554.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,872 shares of the real estate investment trust’s stock after buying an additional 24,458 shares during the quarter. Picton Mahoney Asset Management owned about 0.06% of PennyMac Financial Services worth $3,576,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PFSI. EverSource Wealth Advisors LLC bought a new position in shares of PennyMac Financial Services during the 2nd quarter valued at approximately $26,000. Strs Ohio purchased a new stake in PennyMac Financial Services during the first quarter valued at $30,000. Harbor Capital Advisors Inc. raised its stake in PennyMac Financial Services by 26.3% during the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares in the last quarter. CWM LLC lifted its position in PennyMac Financial Services by 92.7% during the third quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 267 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of PennyMac Financial Services by 95.5% in the 3rd quarter. Covestor Ltd now owns 567 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 277 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PFSI shares. Wells Fargo & Company decreased their target price on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Piper Sandler reduced their price objective on PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Weiss Ratings lowered PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, January 20th. Zacks Research cut PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, BTIG Research reissued a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, PennyMac Financial Services has an average rating of “Hold” and a consensus price target of $139.71.

Insider Activity

In related news, Director Patrick Kinsella purchased 2,250 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were purchased at an average cost of $89.15 per share, for a total transaction of $200,587.50. Following the completion of the acquisition, the director owned 34,210 shares in the company, valued at approximately $3,049,821.50. This trade represents a 7.04% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Derek Stark sold 1,066 shares of PennyMac Financial Services stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $87.66, for a total transaction of $93,445.56. Following the sale, the insider owned 20,944 shares of the company’s stock, valued at $1,835,951.04. The trade was a 4.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 37,374 shares of company stock valued at $4,329,946. Insiders own 15.80% of the company’s stock.

PennyMac Financial Services Stock Down 2.2%

Shares of NYSE:PFSI opened at $88.71 on Friday. The firm has a market capitalization of $4.63 billion, a PE ratio of 9.54, a price-to-earnings-growth ratio of 0.51 and a beta of 1.56. The business has a 50 day simple moving average of $118.43 and a two-hundred day simple moving average of $121.92. PennyMac Financial Services, Inc. has a 1 year low of $85.74 and a 1 year high of $160.36. The company has a debt-to-equity ratio of 3.32, a current ratio of 0.34 and a quick ratio of 0.34.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share for the quarter, missing the consensus estimate of $3.23 by ($1.26). PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.The business had revenue of $538.01 million during the quarter, compared to analysts’ expectations of $639.81 million. During the same quarter in the previous year, the company posted $1.95 earnings per share. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is 12.90%.

PennyMac Financial Services 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.