Lightrock Netherlands B.V. Grows Stock Position in PennyMac Financial Services, Inc. $PFSI

Lightrock Netherlands B.V. increased its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 22.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 152,213 shares of the real estate investment trust’s stock after purchasing an additional 27,900 shares during the period. PennyMac Financial Services makes up 1.3% of Lightrock Netherlands B.V.’s portfolio, making the stock its 18th largest holding. Lightrock Netherlands B.V.’s holdings in PennyMac Financial Services were worth $13,303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its position in PennyMac Financial Services by 3.8% during the 1st quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust’s stock worth $2,404,000 after buying an additional 875 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in PennyMac Financial Services by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust’s stock valued at $1,594,000 after purchasing an additional 706 shares during the period. Intech Investment Management LLC grew its holdings in PennyMac Financial Services by 5.8% during the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust’s stock worth $1,540,000 after acquiring an additional 840 shares during the period. Strs Ohio acquired a new position in PennyMac Financial Services during the first quarter worth about $30,000. Finally, Prudential Financial Inc. lifted its position in shares of PennyMac Financial Services by 82.8% during the 2nd quarter. Prudential Financial Inc. now owns 4,084 shares of the real estate investment trust’s stock valued at $413,000 after acquiring an additional 1,850 shares during the period. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $87.99, for a total value of $879,900.00. Following the completion of the sale, the chief executive officer owned 60,604 shares of the company’s stock, valued at $5,332,545.96. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $87.50, for a total value of $255,937.50. Following the completion of the transaction, the chief financial officer directly owned 210,625 shares in the company, valued at approximately $18,429,687.50. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 18,045 shares of company stock valued at $1,565,470. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $86.71 on Friday. The company has a market cap of $4.50 billion, a P/E ratio of 9.21, a P/E/G ratio of 0.60 and a beta of 1.44. The business has a fifty day simple moving average of $84.01 and a 200-day simple moving average of $97.24. PennyMac Financial Services, Inc. has a 52 week low of $77.67 and a 52 week high of $160.36. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 3.63.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.03). PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The business had revenue of $544.98 million for the quarter, compared to analysts’ expectations of $546.17 million. During the same quarter last year, the company posted $1.42 earnings per share. The business’s quarterly revenue was up 26.5% compared to the same quarter last year. Equities research analysts forecast that PennyMac Financial Services, Inc. will post 9.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Monday, May 18th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.4%. The ex-dividend date was Monday, May 18th. PennyMac Financial Services’s payout ratio is currently 12.75%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings cut shares of PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 6th. Wells Fargo & Company dropped their price objective on PennyMac Financial Services from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Stephens initiated coverage on shares of PennyMac Financial Services in a report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 target price on the stock. Barclays cut shares of PennyMac Financial Services from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $107.00 to $93.00 in a research note on Tuesday, July 7th. Finally, BTIG Research lowered their price target on shares of PennyMac Financial Services from $150.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, June 16th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PennyMac Financial Services presently has a consensus rating of “Hold” and a consensus price target of $114.62.

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.