Massachusetts Financial Services Co. MA Takes 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, HoldingsChannel reports. The firm purchased 216,228 shares of the real estate investment trust’s stock, valued at approximately $24,644,000.

A number of other hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services during the third quarter valued at $37,000. Blue Trust Inc. boosted its stake in shares of PennyMac Financial Services by 1,529.6% during 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 last quarter. Hexagon Capital Partners LLC boosted its stake in shares of PennyMac Financial Services by 29.6% during 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 last quarter. KBC Group NV boosted its stake in shares of PennyMac Financial Services by 20.3% during 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 last quarter. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of PennyMac Financial Services during the second quarter valued at $255,000. Hedge funds and other institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Stock Performance

NYSE PFSI opened at $107.68 on Tuesday. The firm has a market capitalization of $5.52 billion, a P/E ratio of 34.18 and a beta of 1.79. PennyMac Financial Services, Inc. has a 1-year low of $76.57 and a 1-year 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. The business’s 50-day simple moving average is $106.59 and its 200-day simple moving average is $100.39.

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 during 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 business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.77 earnings per share. Equities analysts predict that PennyMac Financial Services, Inc. will post 11.88 EPS for the current year.

PennyMac Financial Services Dividend Announcement

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 issued a dividend of $0.30 per share. The ex-dividend date is Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.11%. PennyMac Financial Services’s payout ratio is currently 38.10%.

Insider Activity at PennyMac Financial Services

In related news, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the sale, the insider now directly owns 14,670 shares in the company, valued at approximately $1,714,629.60. This trade represents a 49.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred 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 sale, the chief executive officer now owns 200,604 shares in the company, valued at $23,428,541.16. This represents a 4.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,162 shares of company stock worth $7,491,026. 16.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock 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 note on Tuesday, October 8th. Wedbush reissued an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Finally, Piper Sandler raised their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.