Corient Private Wealth LP Takes $2.27 Million Position in PennyMac Financial Services, Inc. $PFSI

Corient Private Wealth LP bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,048 shares of the real estate investment trust’s stock, valued at approximately $2,269,000.

A number of other hedge funds have also recently made changes to their positions in the company. MFN Partners Management LP acquired a new stake in PennyMac Financial Services during the 2nd quarter worth approximately $394,719,083. Vanguard Group Inc. grew its holdings in PennyMac Financial Services by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,832,737 shares of the real estate investment trust’s stock worth $373,468,000 after acquiring an additional 12,782 shares during the last quarter. BlackRock Inc. acquired a new position in PennyMac Financial Services in the 2nd quarter valued at approximately $202,735,000. Dimensional Fund Advisors LP increased its position in PennyMac Financial Services by 7.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock valued at $167,474,000 after acquiring an additional 126,902 shares during the period. Finally, Donald Smith & CO. Inc. acquired a new position in PennyMac Financial Services in the 2nd quarter valued at approximately $163,940,000. 57.87% of the stock is owned by institutional investors and hedge funds.

PennyMac Financial Services Trading Up 2.3%

PFSI opened at $72.38 on Thursday. The company has a fifty day moving average price of $79.79 and a two-hundred day moving average price of $84.84. PennyMac Financial Services, Inc. has a 1-year low of $70.67 and a 1-year high of $160.36. The company has a market cap of $3.76 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 0.67 and a beta of 1.44. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data 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 last year, the firm posted $2.54 earnings per share. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. Analysts predict that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were paid a $0.30 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.7%. PennyMac Financial Services’s dividend payout ratio is presently 16.48%.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 2,177 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total value of $189,159.53. Following the completion of the sale, the chief accounting officer directly owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. This represents a 4.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on PFSI. Keefe, Bruyette & Woods cut their price target on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Barclays reduced their price objective on shares of PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Piper Sandler downgraded PennyMac Financial Services from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $106.00 to $86.00 in a report on Thursday, July 30th. Wall Street Zen lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Financial Services in a report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Hold” and an average target price of $104.88.

PennyMac Financial Services 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.