Assenagon Asset Management S.A. Sells 18,349 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Assenagon Asset Management S.A. trimmed its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 46.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,373 shares of the real estate investment trust’s stock after selling 18,349 shares during the quarter. Assenagon Asset Management S.A.’s holdings in PennyMac Financial Services were worth $2,436,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PFSI. Blue Trust Inc. increased its holdings in PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 262 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of PennyMac Financial Services in the 3rd quarter valued at about $285,000. Creative Planning increased its stake in shares of PennyMac Financial Services by 17.7% in the 3rd quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock valued at $667,000 after acquiring an additional 879 shares during the last quarter. SG Americas Securities LLC raised its position in shares of PennyMac Financial Services by 291.8% in the 3rd quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock valued at $1,357,000 after acquiring an additional 8,871 shares during the period. Finally, Algert Global LLC bought a new position in PennyMac Financial Services during the 2nd quarter worth approximately $408,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Trading Down 1.0 %

NYSE PFSI opened at $99.68 on Friday. PennyMac Financial Services, Inc. has a 52 week low of $66.59 and a 52 week high of $119.13. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37. The stock’s 50 day moving average price is $107.96 and its two-hundred day moving average price is $98.53. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 0.58 and a beta of 1.77.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.28% and a net margin of 11.45%. The business had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. During the same quarter in the previous year, the company posted $1.77 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

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

Insider Buying and Selling

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $107.57, for a total value of $1,075,700.00. Following the completion of the transaction, the chief executive officer now directly owns 190,604 shares in the company, valued at $20,503,272.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Joseph F. Mazzella sold 11,396 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total value of $1,115,896.32. Following the completion of the sale, the director now directly owns 105,446 shares in the company, valued at approximately $10,325,272.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $107.57, for a total value of $1,075,700.00. Following the transaction, the chief executive officer now owns 190,604 shares of the company’s stock, valued at $20,503,272.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,855 shares of company stock worth $9,647,599. Corporate insiders own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PFSI shares. Piper Sandler increased their target price on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Barclays raised their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services presently has an average rating of “Moderate Buy” and an average price target of $115.86.

About PennyMac Financial Services

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.