State Street Corp Acquires 51,777 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

State Street Corp lifted its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 6.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 911,741 shares of the real estate investment trust’s stock after purchasing an additional 51,777 shares during the quarter. State Street Corp owned 1.78% of PennyMac Financial Services worth $103,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SG Americas Securities LLC grew its position in PennyMac Financial Services by 36.9% during the second quarter. SG Americas Securities LLC now owns 3,040 shares of the real estate investment trust’s stock worth $288,000 after buying an additional 820 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of PennyMac Financial Services by 1,529.6% during the 2nd quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 413 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of PennyMac Financial Services by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after purchasing an additional 4,930 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PennyMac Financial Services by 10.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,554 shares of the real estate investment trust’s stock worth $904,000 after purchasing an additional 935 shares during the period. Finally, Picton Mahoney Asset Management raised its stake in PennyMac Financial Services by 25.3% in the second quarter. Picton Mahoney Asset Management now owns 59,293 shares of the real estate investment trust’s stock valued at $5,609,000 after purchasing an additional 11,964 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other PennyMac Financial Services news, 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 transaction of $1,075,700.00. Following the transaction, the chief executive officer now directly owns 190,604 shares of the company’s stock, valued at approximately $20,503,272.28. The trade was a 4.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $112.93, for a total value of $1,185,765.00. Following the completion of the sale, the chief financial officer now directly owns 235,997 shares of the company’s stock, valued at approximately $26,651,141.21. The trade was a 4.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,032 shares of company stock valued at $6,889,012 over the last quarter. 16.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PFSI shares. Keefe, Bruyette & Woods reduced their price objective on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. Piper Sandler increased their price target on shares of 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 boosted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Barclays raised their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Wedbush reissued an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $122.50.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $104.45 on Monday. The company’s 50 day moving average price is $104.73 and its two-hundred day moving average price is $101.77. The firm has a market capitalization of $5.35 billion, a P/E ratio of 33.16 and a beta of 1.78. PennyMac Financial Services, Inc. has a fifty-two week low of $81.93 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38.

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 for the quarter, missing the consensus estimate of $2.92 by ($1.62). The firm had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business earned $1.77 EPS. On average, equities analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Monday, November 18th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 38.10%.

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.