Palogic Value Management L.P. Takes Position in PennyMac Financial Services, Inc. $PFSI

Palogic Value Management L.P. acquired a new stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 12,007 shares of the real estate investment trust’s stock, valued at approximately $1,046,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of PennyMac Financial Services in the fourth quarter worth approximately $44,287,000. Dimensional Fund Advisors LP raised its holdings in PennyMac Financial Services by 7.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock worth $167,474,000 after purchasing an additional 126,902 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in shares of PennyMac Financial Services by 210.4% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 43,605 shares of the real estate investment trust’s stock worth $3,811,000 after purchasing an additional 29,557 shares during the period. Donald Smith & CO. Inc. bought a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at $163,940,000. Finally, Rubric Capital Management LP bought a new position in PennyMac Financial Services during the first quarter worth $4,783,000. Institutional investors own 57.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on PFSI shares. Keefe, Bruyette & Woods cut their price target on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Financial Services in a research note on Monday, August 3rd. Wells Fargo & Company cut their target price on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Stephens decreased their target price on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Finally, Wall Street Zen lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Four analysts have rated the stock with a Buy rating, four 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 an average target price of $104.88.

Insider Activity at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 2,943 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $81.71, for a total transaction of $240,472.53. Following the completion of the transaction, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,001,175.28. The trade was a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.20% of the company’s stock.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $72.89 on Thursday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22. The stock’s fifty day simple moving average is $80.71 and its two-hundred day simple moving average is $85.57. PennyMac Financial Services, Inc. has a 1-year low of $71.68 and a 1-year high of $160.36. The stock has a market cap of $3.79 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.54 earnings per share. As a group, analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, August 17th. PennyMac Financial Services’s dividend payout ratio is presently 16.48%.

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.