Ieq Capital LLC Buys Shares of 8,413 PennyMac Financial Services, Inc. $PFSI

Ieq Capital LLC acquired a new position in PennyMac Financial Services, Inc. (NYSE:PFSI) during the second quarter, HoldingsChannel.com reports. The fund acquired 8,413 shares of the real estate investment trust’s stock, valued at approximately $733,000.

Several other large investors also recently added to or reduced their stakes in PFSI. Donald Smith & CO. Inc. purchased a new position in shares of PennyMac Financial Services during the 2nd quarter worth $163,940,000. Silvant Capital Management LLC purchased a new stake in shares of PennyMac Financial Services in the 2nd quarter worth $34,000. Vise Technologies Inc. purchased a new stake in shares of PennyMac Financial Services in the 2nd quarter worth $313,000. NewEdge Wealth LLC bought a new position in PennyMac Financial Services in the 2nd quarter worth $906,000. Finally, K2 Principal Fund L.P. bought a new position in PennyMac Financial Services in the 2nd quarter worth $13,916,000. 57.87% of the stock is currently owned by institutional investors.

PennyMac Financial Services Trading Up 0.8%

Shares of PFSI stock opened at $73.52 on Friday. PennyMac Financial Services, Inc. has a 52-week low of $71.68 and a 52-week high of $160.36. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market capitalization of $3.82 billion, a PE ratio of 10.10, a PEG ratio of 0.69 and a beta of 1.45. The stock has a fifty day simple moving average of $80.52 and a two-hundred day simple moving average of $85.41.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. During the same period in the prior year, the firm earned $2.54 EPS. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts predict that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, August 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is 16.48%.

Insider Transactions at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 2,177 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $86.89, for a total value of $189,159.53. Following the transaction, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. The trade was a 4.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.20% of the company’s stock.

Wall Street Analysts Forecast Growth

PFSI has been the subject of several recent research reports. Piper Sandler lowered PennyMac Financial Services from an “overweight” rating to a “neutral” rating and cut their price target for the company from $106.00 to $86.00 in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. Barclays lowered their price objective on PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Finally, Stephens decreased their target price on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. 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 company. Based on data from MarketBeat.com, PennyMac Financial Services has an average rating of “Hold” and a consensus price target of $104.88.

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.