K2 Principal Fund L.P. Acquires Shares of 159,766 PennyMac Financial Services, Inc. $PFSI

K2 Principal Fund L.P. bought a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 159,766 shares of the real estate investment trust’s stock, valued at approximately $13,916,000. PennyMac Financial Services accounts for about 1.0% of K2 Principal Fund L.P.’s holdings, making the stock its 13th largest position.

A number of other large investors have also recently modified their holdings of PFSI. AQR Capital Management LLC increased its stake in shares of PennyMac Financial Services by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust’s stock valued at $2,404,000 after purchasing an additional 875 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PennyMac Financial Services by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust’s stock worth $1,594,000 after buying an additional 706 shares during the last quarter. Intech Investment Management LLC boosted its stake in PennyMac Financial Services by 5.8% in the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust’s stock valued at $1,540,000 after buying an additional 840 shares in the last quarter. Strs Ohio acquired a new stake in PennyMac Financial Services in the first quarter valued at about $30,000. Finally, Prudential Financial Inc. grew its position in PennyMac Financial Services by 82.8% in the second quarter. Prudential Financial Inc. now owns 4,084 shares of the real estate investment trust’s stock valued at $413,000 after acquiring an additional 1,850 shares during the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. 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 reduced their price target on shares of PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note 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. Wall Street Zen cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Stephens dropped their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Four 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.88.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $75.39 on Wednesday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38. PennyMac Financial Services, Inc. has a fifty-two week low of $71.68 and a fifty-two week high of $160.36. The company has a 50 day simple moving average of $81.48 and a two-hundred day simple moving average of $86.83. The company has a market capitalization of $3.92 billion, a PE ratio of 10.36, a P/E/G ratio of 0.73 and a beta of 1.45.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter last year, the company posted $2.54 earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. Research analysts anticipate that PennyMac Financial Services, Inc. will post 7.42 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Monday, August 17th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, August 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 16.48%.

Insider Transactions at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 2,943 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $81.71, for a total value of $240,472.53. Following the transaction, the chief accounting officer owned 48,968 shares in the company, valued at $4,001,175.28. The trade was a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is currently owned by insiders.

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.