Picton Mahoney Asset Management Purchases 24,458 Shares of PennyMac Financial Services, Inc. $PFSI

Picton Mahoney Asset Management lifted its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 554.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,872 shares of the real estate investment trust’s stock after buying an additional 24,458 shares during the quarter. Picton Mahoney Asset Management’s holdings in PennyMac Financial Services were worth $3,576,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in shares of PennyMac Financial Services in the second quarter valued at about $26,000. Strs Ohio purchased a new position in PennyMac Financial Services during the 1st quarter valued at about $30,000. Harbor Capital Advisors Inc. increased its position in PennyMac Financial Services by 26.3% during the 3rd 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 raised its holdings in shares of PennyMac Financial Services by 92.7% in the 3rd quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 267 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of PennyMac Financial Services by 95.5% in the 3rd quarter. Covestor Ltd now owns 567 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 277 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group began coverage on shares of PennyMac Financial Services in a research note on Friday, December 19th. They set a “buy” rating and a $160.00 price objective on the stock. BTIG Research reaffirmed a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Barclays reduced their price target on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Weiss Ratings cut PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, January 20th. Finally, Keefe, Bruyette & Woods cut their target price on PennyMac Financial Services from $143.00 to $115.00 and set a “market perform” rating on the stock in a research note on Monday, February 2nd. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $139.71.

Insider Buying and Selling at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 3,530 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $131.64, for a total value of $464,689.20. Following the completion of the transaction, the chief accounting officer owned 48,633 shares in the company, valued at $6,402,048.12. This trade represents a 6.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Derek Stark sold 1,066 shares of PennyMac Financial Services stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $87.66, for a total value of $93,445.56. Following the sale, the insider directly owned 20,944 shares of the company’s stock, valued at approximately $1,835,951.04. This represents a 4.84% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 37,374 shares of company stock valued at $4,329,946. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $88.71 on Friday. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market cap of $4.63 billion, a PE ratio of 9.54, a P/E/G ratio of 0.51 and a beta of 1.56. The business has a 50-day simple moving average of $118.43 and a two-hundred day simple moving average of $121.92. PennyMac Financial Services, Inc. has a fifty-two week low of $85.74 and a fifty-two week high of $160.36.

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

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Monday, February 16th were issued 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 1.4%. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 12.90%.

About PennyMac Financial Services

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.