Man Group plc Invests $2.26 Million in PennyMac Financial Services, Inc. $PFSI

Man Group plc bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,923 shares of the real estate investment trust’s stock, valued at approximately $2,258,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFSI. MFN Partners Management LP bought a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at about $394,719,083. Vanguard Group Inc. raised its holdings in PennyMac Financial Services by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,832,737 shares of the real estate investment trust’s stock worth $373,468,000 after purchasing an additional 12,782 shares during the period. BlackRock Inc. acquired a new stake in PennyMac Financial Services in the second quarter worth $202,735,000. Dimensional Fund Advisors LP raised its stake in PennyMac Financial Services by 7.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock worth $167,474,000 after buying an additional 126,902 shares during the period. Finally, Donald Smith & CO. Inc. bought a new position in PennyMac Financial Services during the second quarter worth about $163,940,000. Institutional investors own 57.87% of the company’s stock.

Insider Transactions at PennyMac Financial Services

In other news, CAO Gregory L. Hendry sold 2,177 shares of the firm’s 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 transaction, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. This trade represents a 4.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Stock Down 3.1%

PFSI opened at $70.83 on Wednesday. The stock’s fifty day simple moving average is $80.02 and its 200 day simple moving average is $84.98. PennyMac Financial Services, Inc. has a 1-year low of $70.67 and a 1-year high of $160.36. The stock has a market cap of $3.68 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 0.69 and a beta of 1.44. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data 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 net margin of 17.74% and a return on equity of 11.18%. The firm’s revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.54 earnings per share. As a group, research analysts expect that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, August 17th. PennyMac Financial Services’s payout ratio is presently 16.48%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PFSI. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Financial Services in a research report on Monday, August 3rd. Keefe, Bruyette & Woods decreased their price objective on PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Zacks Research lowered PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th. Piper Sandler cut shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $106.00 to $86.00 in a report on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Hold” and an average price target of $104.88.

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.