Great Lakes Advisors LLC Decreases Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Great Lakes Advisors LLC decreased its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) by 60.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,409 shares of the real estate investment trust’s stock after selling 150,472 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.18% of PennyMac Financial Services worth $5,182,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PFSI. Allspring Global Investments Holdings LLC purchased a new stake in PennyMac Financial Services in the fourth quarter valued at approximately $949,000. State of New Jersey Common Pension Fund D lifted its stake in PennyMac Financial Services by 10.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 43,864 shares of the real estate investment trust’s stock valued at $3,061,000 after buying an additional 4,081 shares during the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in PennyMac Financial Services in the fourth quarter valued at approximately $164,000. Qube Research & Technologies Ltd lifted its stake in PennyMac Financial Services by 76.3% in the fourth quarter. Qube Research & Technologies Ltd now owns 36,462 shares of the real estate investment trust’s stock valued at $2,544,000 after buying an additional 15,785 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in PennyMac Financial Services by 47.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 20,465 shares of the real estate investment trust’s stock valued at $1,428,000 after buying an additional 6,622 shares during the last quarter. Hedge funds and other institutional investors own 62.61% of the company’s stock.

PennyMac Financial Services Trading Down 1.1 %

Shares of PFSI stock opened at $55.41 on Friday. The business’s fifty day moving average price is $48.00 and its 200 day moving average price is $52.00. PennyMac Financial Services, Inc. has a 1-year low of $38.53 and a 1-year high of $71.52. The firm has a market capitalization of $3.07 billion, a PE ratio of 4.69 and a beta of 1.30. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.31 and a quick ratio of 0.31.

PennyMac Financial Services (NYSE:PFSI – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The real estate investment trust reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.05. PennyMac Financial Services had a return on equity of 23.05% and a net margin of 27.37%. The firm had revenue of $657.50 million for the quarter, compared to analyst estimates of $622.14 million. During the same quarter in the prior year, the company posted $5.15 earnings per share. PennyMac Financial Services’s quarterly revenue was down 30.4% on a year-over-year basis. As a group, sell-side analysts forecast that PennyMac Financial Services, Inc. will post 7.47 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Tuesday, August 16th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Monday, August 15th. PennyMac Financial Services’s dividend payout ratio is presently 6.77%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PFSI shares. Piper Sandler reduced their price objective on PennyMac Financial Services from $82.00 to $79.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. Barclays reduced their price objective on PennyMac Financial Services from $90.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, July 11th. StockNews.com raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Thursday, May 19th. BTIG Research assumed coverage on PennyMac Financial Services in a report on Wednesday, April 20th. They issued a “buy” rating and a $60.00 target price on the stock. Finally, JMP Securities dropped their target price on PennyMac Financial Services from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.17.

Insider Buying and Selling

In related news, CIO Vandad Fartaj sold 2,500 shares of the company’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $45.16, for a total transaction of $112,900.00. Following the transaction, the executive now owns 108,634 shares of the company’s stock, valued at $4,905,911.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other PennyMac Financial Services news, CIO Vandad Fartaj sold 2,500 shares of the company’s 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 sale, the executive now owns 108,634 shares of the company’s stock, valued at $4,905,911.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph F. Mazzella sold 14,295 shares of the company’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $50.10, for a total value of $716,179.50. Following the completion of the sale, the director now directly owns 337,036 shares in the company, valued at approximately $16,885,503.60. The disclosure for this sale can be found here. Insiders have sold 29,795 shares of company stock valued at $1,480,640 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.