Cynosure Group LLC Buys 2,361 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Cynosure Group LLC raised its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 57.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,454 shares of the real estate investment trust’s stock after buying an additional 2,361 shares during the quarter. Cynosure Group LLC’s holdings in PennyMac Financial Services were worth $736,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in PennyMac Financial Services by 88.7% during the third quarter. BNP Paribas Financial Markets now owns 18,508 shares of the real estate investment trust’s stock valued at $2,109,000 after buying an additional 8,702 shares during the period. Quantbot Technologies LP grew its holdings in shares of PennyMac Financial Services by 23.7% during the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock worth $173,000 after purchasing an additional 290 shares in the last quarter. FMR LLC increased its position in shares of PennyMac Financial Services by 231.9% in the third quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock worth $133,003,000 after purchasing an additional 815,389 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in PennyMac Financial Services by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock valued at $50,985,000 after purchasing an additional 31,035 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in PennyMac Financial Services in the 3rd quarter worth approximately $24,644,000. 57.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Barclays increased their price target on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Wedbush restated an “outperform” rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.86.

Insider Buying and Selling at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 3,032 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $102.09, for a total transaction of $309,536.88. Following the transaction, the chief accounting officer now owns 48,040 shares in the company, valued at $4,904,403.60. The trade was a 5.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the sale, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. This trade represents a 49.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,162 shares of company stock valued at $7,491,026 in the last 90 days. Insiders own 16.60% of the company’s stock.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $106.36 on Wednesday. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.38 and a current ratio of 0.38. PennyMac Financial Services, Inc. has a fifty-two week low of $76.57 and a fifty-two week high of $119.13. The firm has a market cap of $5.45 billion, a PE ratio of 33.77 and a beta of 1.79. The business has a 50 day moving average price of $106.59 and a 200-day moving average price of $100.39.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm had revenue of $411.83 million for the quarter, compared to analysts’ expectations of $513.12 million. During the same period in the previous year, the company earned $1.77 EPS. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts predict that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date is Monday, November 18th. PennyMac Financial Services’s payout ratio is 38.10%.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.