335,911 Shares in PennyMac Financial Services, Inc. $PFSI Purchased by Norges Bank

by · The Markets Daily

Norges Bank acquired a new position in PennyMac Financial Services, Inc. (NYSE:PFSI – Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 335,911 shares of the real estate investment trust’s stock, valued at approximately $44,287,000. Norges Bank owned approximately 0.65% of PennyMac Financial Services as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PFSI. Hudson Bay Capital Management LP acquired a new stake in PennyMac Financial Services during the 3rd quarter valued at $5,593,000. 140 Summer Partners LP acquired a new stake in PennyMac Financial Services during the 3rd quarter valued at $55,268,000. Picton Mahoney Asset Management grew its holdings in PennyMac Financial Services by 554.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 28,872 shares of the real estate investment trust’s stock valued at $3,576,000 after buying an additional 24,458 shares during the last quarter. American Century Companies Inc. grew its holdings in PennyMac Financial Services by 7.5% during the 3rd quarter. American Century Companies Inc. now owns 429,403 shares of the real estate investment trust’s stock valued at $53,195,000 after buying an additional 30,015 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in PennyMac Financial Services during the 4th quarter valued at $5,095,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Buying and Selling at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $87.50, for a total value of $255,937.50. Following the transaction, the chief financial officer directly owned 210,625 shares of the company’s stock, valued at approximately $18,429,687.50. This trade represents a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Spector sold 10,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $87.99, for a total value of $879,900.00. Following the completion of the transaction, the chief executive officer directly owned 60,604 shares in the company, valued at $5,332,545.96. This trade represents a 14.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,925 shares of company stock worth $2,064,138 over the last ninety days. Corporate insiders own 15.80% of the company’s stock.

PennyMac Financial Services Trading Down 2.2%

Shares of PFSI stock opened at $79.46 on Tuesday. The firm has a market cap of $4.13 billion, a P/E ratio of 8.44, a PEG ratio of 0.53 and a beta of 1.44. PennyMac Financial Services, Inc. has a 1-year low of $78.81 and a 1-year high of $160.36. The company has a debt-to-equity ratio of 3.63, a current ratio of 0.33 and a quick ratio of 0.33. The firm’s 50-day simple moving average is $88.07 and its 200-day simple moving average is $106.83.

PennyMac Financial Services (NYSE:PFSI – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.03). The company had revenue of $544.98 million for the quarter, compared to analysts’ expectations of $546.17 million. PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The company’s revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. As a group, equities analysts forecast that PennyMac Financial Services, Inc. will post 10.68 EPS for the current year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Monday, May 18th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 18th. PennyMac Financial Services’s dividend payout ratio (DPR) is 12.75%.

Analysts Set New Price Targets

A number of research firms have issued reports on PFSI. Stephens began coverage on shares of PennyMac Financial Services in a report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of PennyMac Financial Services from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Keefe, Bruyette & Woods reduced their target price on shares of PennyMac Financial Services from $115.00 to $108.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Piper Sandler reduced their target price on shares of PennyMac Financial Services from $122.00 to $112.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Finally, Barclays reduced their price target on PennyMac Financial Services from $116.00 to $107.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $122.75.

Get Our Latest Analysis on PFSI

About PennyMac Financial Services

(Free Report)

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.

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