Principal Financial Group Inc. Sells 16,226 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Principal Financial Group Inc. decreased its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 10.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 136,578 shares of the real estate investment trust’s stock after selling 16,226 shares during the period. Principal Financial Group Inc.’s holdings in PennyMac Financial Services were worth $15,566,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. raised its position in shares of PennyMac Financial Services by 91.3% during the first quarter. Russell Investments Group Ltd. now owns 19,246 shares of the real estate investment trust’s stock worth $1,753,000 after purchasing an additional 9,183 shares during the period. Edgestream Partners L.P. raised its position in shares of PennyMac Financial Services by 349.5% during the first quarter. Edgestream Partners L.P. now owns 23,774 shares of the real estate investment trust’s stock worth $2,166,000 after purchasing an additional 18,485 shares during the period. Vanguard Group Inc. raised its position in shares of PennyMac Financial Services by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after purchasing an additional 8,345 shares during the period. Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 263.8% during the second quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock worth $1,221,000 after purchasing an additional 9,357 shares during the period. Finally, American Century Companies Inc. raised its position in shares of PennyMac Financial Services by 13.2% during the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after purchasing an additional 40,676 shares during the period. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the sale, the chief financial officer now owns 235,997 shares of the company’s stock, valued at approximately $26,651,141.21. This represents a 4.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David Spector sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total value of $1,050,400.00. Following the sale, the chief executive officer now directly owns 180,604 shares in the company, valued at $18,970,644.16. This trade represents a 5.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,459 shares of company stock worth $9,582,102. 16.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PFSI. Piper Sandler upped their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Wedbush reiterated an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target for the company. in a report on Monday, July 22nd. Finally, Barclays upped their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.86.

PennyMac Financial Services Stock Up 1.3 %

Shares of NYSE:PFSI opened at $102.52 on Friday. The company has a market capitalization of $5.26 billion, a PE ratio of 32.55 and a beta of 1.79. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38. The business has a fifty day moving average price of $107.35 and a two-hundred day moving average price of $99.65. PennyMac Financial Services, Inc. has a 1 year low of $74.69 and a 1 year high of $119.13.

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

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.17%. PennyMac Financial Services’s payout ratio is 38.10%.

PennyMac Financial Services Company 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.