South Dakota Investment Council Sells 34,229 Shares of PennyMac Financial Services, Inc. $PFSI

South Dakota Investment Council reduced its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 44.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,138 shares of the real estate investment trust’s stock after selling 34,229 shares during the quarter. South Dakota Investment Council owned 0.08% of PennyMac Financial Services worth $5,220,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC purchased a new stake in PennyMac Financial Services during the 2nd quarter valued at about $26,000. Strs Ohio bought a new stake in PennyMac Financial Services in the first quarter valued at approximately $30,000. Harbor Capital Advisors Inc. boosted its stake in shares of PennyMac Financial Services by 26.3% during the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares during the period. CWM LLC grew its holdings in shares of PennyMac Financial Services by 92.7% in the third quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock worth $69,000 after purchasing an additional 267 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of PennyMac Financial Services by 95.5% in the third quarter. Covestor Ltd now owns 567 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 277 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PFSI shares. Piper Sandler dropped their price target on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Weiss Ratings lowered shares of PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, January 20th. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Barclays dropped their price objective on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Finally, Wall Street Zen cut PennyMac Financial Services from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PennyMac Financial Services has a consensus rating of “Hold” and an average price target of $139.71.

Insider Buying and Selling

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 3,530 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $131.64, for a total transaction of $464,689.20. Following the completion of the transaction, the chief accounting officer owned 48,633 shares of the company’s stock, valued at approximately $6,402,048.12. This trade represents a 6.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patrick Kinsella bought 2,250 shares of the stock in a transaction dated Thursday, February 12th. The shares were acquired at an average price of $89.15 per share, with a total value of $200,587.50. Following the completion of the acquisition, the director directly owned 34,210 shares of the company’s stock, valued at approximately $3,049,821.50. The trade was a 7.04% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 37,374 shares of company stock worth $4,329,946 over the last 90 days. Corporate insiders own 15.80% of the company’s stock.

PennyMac Financial Services Stock Down 0.7%

PFSI stock opened at $89.75 on Wednesday. PennyMac Financial Services, Inc. has a fifty-two week low of $85.74 and a fifty-two week high of $160.36. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 9.65, a price-to-earnings-growth ratio of 0.51 and a beta of 1.56. The business’s 50 day moving average price is $120.20 and its two-hundred day moving average price is $122.37. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.34 and a current ratio of 0.34.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share for the quarter, missing the consensus estimate of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to the consensus estimate of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.95 earnings per share. As a group, analysts forecast that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. PennyMac Financial Services’s dividend payout ratio is currently 12.90%.

PennyMac Financial Services Company Profile

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.