California Public Employees Retirement System increased its position in PennyMac Financial Services Inc (NYSE:PFSI) by 16.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 12,901 shares of the real estate investment trust’s stock after acquiring an additional 1,863 shares during the period. California Public Employees Retirement System’s holdings in PennyMac Financial Services were worth $392,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Hong Kong Ltd raised its holdings in PennyMac Financial Services by 179.2% during the second quarter. Point72 Hong Kong Ltd now owns 2,010 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 1,290 shares in the last quarter. Bank of Montreal Can lifted its position in shares of PennyMac Financial Services by 490.0% in the second quarter. Bank of Montreal Can now owns 2,602 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 2,161 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $65,000. SG Americas Securities LLC bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $102,000. Finally, BNP Paribas Arbitrage SA bought a new stake in shares of PennyMac Financial Services during the 2nd quarter worth about $107,000. 50.89% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on PFSI. ValuEngine raised PennyMac Financial Services from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 19th. Wells Fargo & Co raised PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Thursday, September 5th. Barclays reaffirmed a “buy” rating and set a $37.00 target price on shares of PennyMac Financial Services in a research report on Friday, October 25th. TheStreet upgraded PennyMac Financial Services from a “c+” rating to a “b+” rating in a report on Wednesday, August 14th. Finally, Credit Suisse Group lifted their price target on shares of PennyMac Financial Services from $24.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $34.20.
PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.26. The company had revenue of $436.35 million for the quarter, compared to the consensus estimate of $368.20 million. PennyMac Financial Services had a return on equity of 15.84% and a net margin of 22.54%. As a group, sell-side analysts expect that PennyMac Financial Services Inc will post 4.51 earnings per share for the current year.
The firm also recently announced a dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, November 14th. PennyMac Financial Services’s payout ratio is 18.53%.
In other PennyMac Financial Services news, Chairman Stanford L. Kurland sold 15,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $30.72, for a total value of $460,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Stanford L. Kurland sold 45,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $30.71, for a total transaction of $1,381,950.00. In the last 90 days, insiders have sold 233,628 shares of company stock valued at $7,261,431. 22.17% of the stock is owned by corporate insiders.
About PennyMac Financial Services
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: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.
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