Victory Capital Management Inc. Sells 591 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Victory Capital Management Inc. lessened its position in PennyMac Financial Services, Inc. (NYSE:PFSI) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,693 shares of the real estate investment trust’s stock after selling 591 shares during the quarter. Victory Capital Management Inc. owned 0.08% of PennyMac Financial Services worth $3,660,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in 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 valued at $238,509,000 after buying an additional 8,345 shares during the period. Charles Schwab Investment Management Inc. boosted its position in PennyMac Financial Services by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust’s stock valued at $35,060,000 after buying an additional 3,947 shares during the period. Norges Bank purchased a new stake in PennyMac Financial Services during the fourth quarter valued at about $31,258,000. Bank of New York Mellon Corp boosted its position in PennyMac Financial Services by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock valued at $17,240,000 after buying an additional 4,930 shares during the period. Finally, Principal Financial Group Inc. boosted its position in PennyMac Financial Services by 45.6% during the fourth quarter. Principal Financial Group Inc. now owns 162,541 shares of the real estate investment trust’s stock valued at $14,364,000 after buying an additional 50,877 shares during the period. Institutional investors own 57.87% of the company’s stock.

Insiders Place Their Bets

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the sale, the chief executive officer now directly owns 220,604 shares in the company, valued at $20,308,804.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 11,396 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the transaction, the director now owns 105,446 shares of the company’s stock, valued at $10,325,272.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total transaction of $920,600.00. Following the transaction, the chief executive officer now directly owns 220,604 shares of the company’s stock, valued at approximately $20,308,804.24. The disclosure for this sale can be found here. Insiders sold 55,225 shares of company stock worth $5,487,319 over the last three months. Company insiders own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PFSI. Piper Sandler upped their price target on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Wedbush increased their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $107.17.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $116.57 on Tuesday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75. PennyMac Financial Services, Inc. has a 1-year low of $62.15 and a 1-year high of $117.67. The firm has a 50-day moving average of $101.29 and a 200-day moving average of $94.01. The firm has a market cap of $5.97 billion, a P/E ratio of 40.48, a P/E/G ratio of 0.72 and a beta of 1.77.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The company had revenue of $406.13 million during the quarter, compared to analysts’ expectations of $469.64 million. During the same quarter last year, the business earned $1.11 earnings per share. The business’s quarterly revenue was up 20.7% on a year-over-year basis. Sell-side analysts expect that PennyMac Financial Services, Inc. will post 10.61 EPS for the current year.

PennyMac Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were issued a $0.30 dividend. The ex-dividend date was Tuesday, August 13th. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 1.03%. PennyMac Financial Services’s dividend payout ratio (DPR) is 41.67%.

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.