Deutsche Bank AG Takes $2.73 Million Position in PennyMac Financial Services, Inc. $PFSI

Deutsche Bank AG bought a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 31,370 shares of the real estate investment trust’s stock, valued at approximately $2,732,000.

A number of other hedge funds also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its position in shares of PennyMac Financial Services by 7,600.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 228 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of PennyMac Financial Services during the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC bought a new position in PennyMac Financial Services in the second quarter valued at approximately $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in PennyMac Financial Services in the second quarter valued at approximately $25,000. Finally, Strs Ohio acquired a new position in PennyMac Financial Services during the first quarter valued at approximately $30,000. Institutional investors own 57.87% of the company’s stock.

Insider Buying and Selling

In related news, CAO Gregory L. Hendry sold 2,943 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $81.71, for a total transaction of $240,472.53. Following the sale, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,001,175.28. This represents a 5.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PFSI. BTIG Research dropped their price objective on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Keefe, Bruyette & Woods lowered their target price on PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Wells Fargo & Company dropped their target price on shares of PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Piper Sandler downgraded shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $106.00 to $86.00 in a research note on Thursday, July 30th. Finally, Zacks Research cut PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Friday, May 8th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $104.88.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $73.52 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22. The stock’s 50 day moving average is $80.52 and its 200-day moving average is $85.41. PennyMac Financial Services, Inc. has a twelve month low of $71.68 and a twelve month high of $160.36. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 0.69 and a beta of 1.45.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.During the same period in the prior year, the company posted $2.54 EPS. PennyMac Financial Services’s quarterly revenue was up 11.8% on a year-over-year basis. Sell-side analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Monday, August 17th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, August 17th. PennyMac Financial Services’s dividend payout ratio is presently 16.48%.

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.