DekaBank Deutsche Girozentrale Trims Stock Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

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DekaBank Deutsche Girozentrale cut its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSIGet Rating) by 80.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,635 shares of the real estate investment trust’s stock after selling 22,771 shares during the period. DekaBank Deutsche Girozentrale’s holdings in PennyMac Financial Services were worth $306,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Robeco Institutional Asset Management B.V. raised its stake in shares of PennyMac Financial Services by 798.5% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 21,114 shares of the real estate investment trust’s stock worth $1,123,000 after buying an additional 18,764 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of PennyMac Financial Services by 1,783.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 385,398 shares of the real estate investment trust’s stock worth $20,503,000 after buying an additional 364,933 shares in the last quarter. Denali Advisors LLC raised its stake in shares of PennyMac Financial Services by 6.4% during the 1st quarter. Denali Advisors LLC now owns 53,010 shares of the real estate investment trust’s stock worth $2,820,000 after buying an additional 3,200 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $816,000. Finally, Point72 Hong Kong Ltd purchased a new position in PennyMac Financial Services in the 4th quarter valued at approximately $58,000. 62.61% of the stock is owned by hedge funds and other institutional investors.

PennyMac Financial Services Price Performance

PFSI stock opened at $52.09 on Monday. PennyMac Financial Services, Inc. has a 52-week low of $38.53 and a 52-week high of $71.52. The stock’s fifty day simple moving average is $46.74 and its 200-day simple moving average is $52.75. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 4.18 and a beta of 1.23.

PennyMac Financial Services (NYSE:PFSIGet Rating) last issued its earnings results on Thursday, May 5th. The real estate investment trust reported $2.94 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.05. The business had revenue of $657.50 million for the quarter, compared to analyst estimates of $622.14 million. PennyMac Financial Services had a return on equity of 25.12% and a net margin of 27.78%. The business’s quarterly revenue was down 30.4% on a year-over-year basis. During the same period last year, the company posted $5.15 EPS. Equities research analysts expect that PennyMac Financial Services, Inc. will post 6.83 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 27th. Investors of record on Tuesday, May 17th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Monday, May 16th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 6.42%.

Insider Buying and Selling

In related news, CIO Vandad Fartaj sold 2,500 shares of the stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $45.16, for a total value of $112,900.00. Following the transaction, the executive now directly owns 108,634 shares of the company’s stock, valued at approximately $4,905,911.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 13,000 shares of the firm’s stock in a transaction dated Thursday, May 26th. The stock was sold at an average price of $50.12, for a total value of $651,560.00. Following the transaction, the director now directly owns 351,331 shares of the company’s stock, valued at $17,608,709.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CIO Vandad Fartaj sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $45.16, for a total value of $112,900.00. Following the completion of the transaction, the executive now directly owns 108,634 shares in the company, valued at $4,905,911.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,795 shares of company stock valued at $1,480,640. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Credit Suisse Group dropped their price objective on PennyMac Financial Services to $66.00 and set a “neutral” rating for the company in a research note on Thursday, May 19th. JMP Securities dropped their price objective on PennyMac Financial Services from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. BTIG Research began coverage on PennyMac Financial Services in a report on Wednesday, April 20th. They set a “buy” rating and a $60.00 target price on the stock. Piper Sandler lowered their target price on PennyMac Financial Services from $82.00 to $79.00 and set an “overweight” rating on the stock in a report on Tuesday, June 28th. Finally, Barclays lowered their target price on PennyMac Financial Services from $90.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, July 11th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.17.

PennyMac Financial Services Profile

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PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.

Further Reading

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