Sei Investments Co. Reduces Stock Position in PennyMac Financial Services, Inc. $PFSI

Sei Investments Co. cut its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 39.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,345 shares of the real estate investment trust’s stock after selling 9,856 shares during the period. Sei Investments Co.’s holdings in PennyMac Financial Services were worth $1,341,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP increased its holdings in shares of PennyMac Financial Services by 12.4% in the 1st quarter. First Trust Advisors LP now owns 18,896 shares of the real estate investment trust’s stock valued at $1,652,000 after acquiring an additional 2,088 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in PennyMac Financial Services by 7.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock valued at $167,474,000 after purchasing an additional 126,902 shares in the last quarter. Swiss National Bank boosted its holdings in PennyMac Financial Services by 0.8% in the first quarter. Swiss National Bank now owns 61,700 shares of the real estate investment trust’s stock valued at $5,393,000 after purchasing an additional 500 shares in the last quarter. Lightrock Netherlands B.V. increased its stake in PennyMac Financial Services by 22.4% in the first quarter. Lightrock Netherlands B.V. now owns 152,213 shares of the real estate investment trust’s stock valued at $13,303,000 after purchasing an additional 27,900 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in PennyMac Financial Services by 210.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 43,605 shares of the real estate investment trust’s stock valued at $3,811,000 after purchasing an additional 29,557 shares during the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PFSI. Piper Sandler downgraded shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $106.00 to $86.00 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 research report on Friday, May 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. BTIG Research reduced their price target on shares of PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Stephens decreased their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.88.

PennyMac Financial Services Trading Up 1.0%

PFSI opened at $76.61 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22. PennyMac Financial Services, Inc. has a 52 week low of $71.68 and a 52 week high of $160.36. The business’s 50 day moving average is $81.86 and its two-hundred day moving average is $89.40. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 0.71 and a beta of 1.45.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share 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 quarterly revenue was up 11.8% on a year-over-year basis. During the same period last year, the company earned $2.54 earnings per share. On average, research analysts predict that PennyMac Financial Services, Inc. will post 7.42 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Monday, August 17th will be paid a $0.30 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.6%. PennyMac Financial Services’s payout ratio is currently 16.48%.

Insider Transactions at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $87.50, for a total value of $255,937.50. Following the transaction, the chief financial officer owned 210,625 shares in the company, valued at $18,429,687.50. The trade was a 1.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Gregory L. Hendry sold 2,177 shares of the company’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 value of $189,159.53. Following the sale, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. This represents a 4.26% 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. Insiders sold 8,045 shares of company stock valued at $685,570 over the last ninety days. Corporate insiders own 15.20% of the company’s stock.

PennyMac Financial Services Company 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.