Ieq Capital LLC Purchases Shares of 8,413 PennyMac Financial Services, Inc. $PFSI

Ieq Capital LLC purchased a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,413 shares of the real estate investment trust’s stock, valued at approximately $733,000.

A number of other hedge funds have also recently made changes to their positions in PFSI. Norges Bank purchased a new position in shares of PennyMac Financial Services during the fourth quarter valued at approximately $44,287,000. 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 acquiring an additional 126,902 shares in the last quarter. Donald Smith & CO. Inc. bought a new stake in PennyMac Financial Services in the second quarter valued at $163,940,000. Y Intercept Hong Kong Ltd increased its position in PennyMac Financial Services by 210.4% during the 1st 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 period. Finally, Rubric Capital Management LP purchased a new position in PennyMac Financial Services during the 1st quarter valued at $4,783,000. 57.87% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Gregory L. Hendry sold 2,943 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $81.71, for a total value of $240,472.53. Following the transaction, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at approximately $4,001,175.28. This represents a 5.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 currently owned by insiders.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $73.52 on Friday. PennyMac Financial Services, Inc. has a 1 year low of $71.68 and a 1 year high of $160.36. The firm’s 50-day moving average is $80.52 and its 200 day moving average is $85.41. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 0.69 and a beta of 1.45. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.38 and a quick ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.The firm’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.54 earnings per share. Sell-side analysts anticipate 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 was paid on Thursday, August 27th. Investors of record on Monday, August 17th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. PennyMac Financial Services’s dividend payout ratio (DPR) is 16.48%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PFSI shares. Zacks Research lowered PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Financial Services in a research report on Monday, August 3rd. Stephens dropped their target price on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, July 30th. BTIG Research reduced their target price on shares of PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, Piper Sandler lowered shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $106.00 to $86.00 in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.