Norges Bank Purchases New Stake in PennyMac Financial Services, Inc. $PFSI

Norges Bank acquired a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 335,911 shares of the real estate investment trust’s stock, valued at approximately $44,287,000.

Other hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in PennyMac Financial Services in the second quarter valued at about $26,000. GAMMA Investing LLC raised its position in PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 142 shares during the period. Strs Ohio purchased a new position in PennyMac Financial Services in the first quarter valued at about $30,000. Clearstead Advisors LLC raised its position in PennyMac Financial Services by 131.8% in the fourth quarter. Clearstead Advisors LLC now owns 503 shares of the real estate investment trust’s stock valued at $66,000 after purchasing an additional 286 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new position in PennyMac Financial Services in the third quarter valued at about $78,000. 57.87% of the stock is owned by hedge funds and other institutional investors.

PennyMac Financial Services Stock Down 2.2%

Shares of NYSE:PFSI opened at $79.46 on Tuesday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 3.63. The company has a fifty day simple moving average of $88.07 and a 200 day simple moving average of $106.83. The firm has a market cap of $4.13 billion, a PE ratio of 8.44, a price-to-earnings-growth ratio of 0.53 and a beta of 1.44. PennyMac Financial Services, Inc. has a 12-month low of $78.81 and a 12-month high of $160.36.

PennyMac Financial Services (NYSE:PFSI) 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 firm had revenue of $544.98 million during the quarter, compared to the consensus estimate of $546.17 million. PennyMac Financial Services had a net margin of 23.47% and a return on equity of 10.93%. The firm’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 earnings per share. On average, equities research analysts anticipate that PennyMac Financial Services, Inc. will post 10.68 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

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

Insider Activity

In related news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer directly owned 60,604 shares of the company’s stock, valued at $5,332,545.96. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $87.50, for a total value of $255,937.50. Following the completion of the sale, the chief financial officer directly owned 210,625 shares of the company’s stock, valued at approximately $18,429,687.50. This represents a 1.37% 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. Over the last three months, insiders sold 22,925 shares of company stock valued at $2,064,138. 15.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on PFSI. Stephens started coverage on PennyMac Financial Services in a research report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 price objective on the stock. Wall Street Zen upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Friday, May 8th. Piper Sandler dropped their price objective on shares of PennyMac Financial Services from $122.00 to $112.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $122.75.

PennyMac Financial Services Company Profile

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.