Massachusetts Financial Services Co. MA Purchases New Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Massachusetts Financial Services Co. MA purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 216,228 shares of the real estate investment trust’s stock, valued at approximately $24,644,000. Massachusetts Financial Services Co. MA owned approximately 0.42% of PennyMac Financial Services as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PFSI. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services in the third quarter valued at approximately $37,000. Blue Trust Inc. boosted its holdings in shares of PennyMac Financial Services by 1,529.6% in the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 413 shares during the period. Hexagon Capital Partners LLC boosted its holdings in shares of PennyMac Financial Services by 29.6% in the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 109 shares during the period. KBC Group NV boosted its holdings in shares of PennyMac Financial Services by 20.3% in the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 226 shares during the period. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of PennyMac Financial Services in the second quarter valued at approximately $255,000. 57.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $116.79, for a total value of $1,167,900.00. Following the completion of the transaction, the chief executive officer now owns 200,604 shares in the company, valued at $23,428,541.16. This trade represents a 4.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This represents a 49.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,162 shares of company stock worth $7,491,026. 16.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price objective on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased 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 reaffirmed an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Finally, Barclays increased 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.86.

PennyMac Financial Services Trading Up 2.0 %

NYSE:PFSI opened at $107.68 on Tuesday. The stock has a fifty day moving average price of $106.59 and a two-hundred day moving average price of $100.39. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 34.18 and a beta of 1.79. 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 1 year low of $76.57 and a 1 year high of $119.13.

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

PennyMac Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.11%. 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.