Goldentree Asset Management LP Makes New $29.25 Million Investment in PennyMac Financial Services, Inc. $PFSI

Goldentree Asset Management LP purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the 2nd quarter, Holdings Channel reports. The firm purchased 294,199 shares of the real estate investment trust’s stock, valued at approximately $29,249,000. PennyMac Financial Services makes up 2.8% of Goldentree Asset Management LP’s portfolio, making the stock its 14th largest position.

Several other hedge funds have also added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. lifted its holdings in PennyMac Financial Services by 0.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust’s stock worth $429,454,000 after acquiring an additional 24,055 shares in the last quarter. Invesco Ltd. raised its position in shares of PennyMac Financial Services by 4.5% during the first quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust’s stock worth $123,848,000 after purchasing an additional 53,660 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of PennyMac Financial Services by 447.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust’s stock valued at $92,779,000 after purchasing an additional 757,489 shares in the last quarter. Millennium Management LLC grew its position in shares of PennyMac Financial Services by 48.8% in the 1st quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust’s stock valued at $77,245,000 after purchasing an additional 253,031 shares during the period. Finally, Geode Capital Management LLC increased its stake in PennyMac Financial Services by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock worth $71,924,000 after purchasing an additional 41,124 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 71,161 shares of the stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $128.07, for a total value of $9,113,589.27. Following the transaction, the chief executive officer directly owned 577,859 shares of the company’s stock, valued at $74,006,402.13. This represents a 10.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Stanley Perotti sold 26,011 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $131.36, for a total transaction of $3,416,804.96. Following the sale, the chief financial officer owned 9,964 shares of the company’s stock, valued at $1,308,871.04. This trade represents a 72.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 209,599 shares of company stock valued at $27,050,778 over the last three months. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Trading Down 1.3%

Shares of PennyMac Financial Services stock opened at $129.21 on Tuesday. The stock has a market cap of $6.72 billion, a P/E ratio of 13.92 and a beta of 1.58. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.01. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $136.62. The business’s 50 day moving average is $125.99 and its 200-day moving average is $112.07.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. The business had revenue of $632.90 million for the quarter, compared to the consensus estimate of $573.46 million. PennyMac Financial Services had a net margin of 25.21% and a return on equity of 11.69%. The firm’s revenue for the quarter was up 53.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 earnings per share. Equities research analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Monday, November 17th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Monday, November 17th. PennyMac Financial Services’s dividend payout ratio is 12.93%.

Wall Street Analyst Weigh In

Several analysts have commented on PFSI shares. Keefe, Bruyette & Woods raised their target price on shares of PennyMac Financial Services from $129.00 to $138.00 and gave the stock a “market perform” rating in a report on Friday, October 24th. BTIG Research restated a “buy” rating and set a $135.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 22nd. UBS Group boosted their price objective on shares of PennyMac Financial Services from $135.00 to $145.00 and gave the company a “neutral” rating in a research report on Friday, October 24th. Piper Sandler increased their target price on PennyMac Financial Services from $136.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. Finally, Zacks Research raised PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, PennyMac Financial Services has an average rating of “Moderate Buy” and an average target price of $138.67.

PennyMac Financial Services Company Profile

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