Vanguard Group Inc. Decreases Position in PennyMac Financial Services, Inc. $PFSI

Vanguard Group Inc. trimmed its position in PennyMac Financial Services, Inc. (NYSE:PFSI) by 2.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,819,955 shares of the real estate investment trust’s stock after selling 79,570 shares during the quarter. Vanguard Group Inc. owned about 0.05% of PennyMac Financial Services worth $349,336,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Vise Technologies Inc. acquired a new stake in shares of PennyMac Financial Services in the second quarter worth approximately $383,000. Creative Planning lifted its holdings in PennyMac Financial Services by 89.5% in the 2nd quarter. Creative Planning now owns 13,495 shares of the real estate investment trust’s stock valued at $1,345,000 after purchasing an additional 6,374 shares in the last quarter. American Century Companies Inc. boosted its stake in PennyMac Financial Services by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 399,388 shares of the real estate investment trust’s stock worth $39,795,000 after purchasing an additional 52,227 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of PennyMac Financial Services by 27.7% during the second quarter. Rhumbline Advisers now owns 53,906 shares of the real estate investment trust’s stock worth $5,371,000 after buying an additional 11,698 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of PennyMac Financial Services by 6.0% in the second quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock valued at $71,924,000 after buying an additional 41,124 shares during the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Trading Down 1.2%

PFSI opened at $91.79 on Friday. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.36 and a current ratio of 0.34. PennyMac Financial Services, Inc. has a one year low of $85.74 and a one year high of $160.36. The business’s 50-day simple moving average is $121.95 and its 200-day simple moving average is $122.39. The company has a market cap of $4.79 billion, a P/E ratio of 9.87, a PEG ratio of 0.53 and a beta of 1.54.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 EPS 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 company had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. During the same quarter in the prior year, the business earned $1.95 earnings per share. PennyMac Financial Services’s revenue was up 14.4% compared to the same quarter last year. As a group, equities research analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services’s dividend payout ratio is 12.90%.

Insider Activity

In related news, CAO Gregory L. Hendry sold 3,530 shares of PennyMac Financial Services stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $131.64, for a total value of $464,689.20. Following the transaction, the chief accounting officer directly owned 48,633 shares in the company, valued at $6,402,048.12. This trade represents a 6.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $94.50, for a total transaction of $945,000.00. Following the transaction, the chief executive officer owned 90,604 shares of the company’s stock, valued at approximately $8,562,078. The trade was a 9.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 36,308 shares of company stock valued at $4,236,500. 15.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PFSI has been the subject of several research reports. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Jefferies Financial Group assumed coverage on PennyMac Financial Services in a research note on Friday, December 19th. They set a “buy” rating and a $160.00 target price for the company. Wells Fargo & Company lowered their price target on PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Weiss Ratings lowered PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. Finally, Piper Sandler dropped their price objective on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Hold” and a consensus target price of $139.71.

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.