NewEdge Wealth LLC Purchases New Position in PennyMac Financial Services, Inc. $PFSI

NewEdge Wealth LLC purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the 2nd quarter, HoldingsChannel reports. The firm purchased 10,403 shares of the real estate investment trust’s stock, valued at approximately $906,000.

A number of other large investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in PennyMac Financial Services in the second quarter valued at approximately $202,735,000. Norges Bank purchased a new stake in shares of PennyMac Financial Services in the fourth quarter valued at approximately $44,287,000. Bank of New York Mellon Corp purchased a new stake in shares of PennyMac Financial Services in the second quarter valued at approximately $26,424,000. Two Sigma Investments LP raised its stake in shares of PennyMac Financial Services by 1,148.7% during the 3rd quarter. Two Sigma Investments LP now owns 310,919 shares of the real estate investment trust’s stock worth $38,517,000 after buying an additional 286,019 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of PennyMac Financial Services by 1,882.2% during the 1st quarter. Janus Henderson Group PLC now owns 267,868 shares of the real estate investment trust’s stock worth $23,423,000 after buying an additional 254,354 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Price Performance

NYSE:PFSI opened at $75.10 on Friday. PennyMac Financial Services, Inc. has a one year low of $71.68 and a one year high of $160.36. The stock has a market cap of $3.90 billion, a PE ratio of 10.32, a P/E/G ratio of 0.71 and a beta of 1.45. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a 50 day moving average price of $81.20 and a 200 day moving average price of $86.07.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.PennyMac Financial Services’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the business posted $2.54 EPS. Equities research analysts expect that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be paid 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 16.48%.

Wall Street Analyst Weigh In

PFSI has been the topic of a number of research analyst reports. Wall Street Zen cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays reduced their price objective on shares of PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Zacks Research downgraded shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Wells Fargo & Company dropped their target price on shares of 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. Finally, Piper Sandler cut shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $106.00 to $86.00 in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, PennyMac Financial Services has an average rating of “Hold” and a consensus target price of $104.88.

Insider Activity

In other news, CAO Gregory L. Hendry sold 2,177 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total transaction of $189,159.53. Following the sale, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. The trade was a 4.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is owned by corporate insiders.

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.