Principal Financial Group Inc. Sells 16,226 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Principal Financial Group Inc. lessened its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 10.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 136,578 shares of the real estate investment trust’s stock after selling 16,226 shares during the period. Principal Financial Group Inc. owned 0.27% of PennyMac Financial Services worth $15,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PFSI. Vanguard Group Inc. increased its position in PennyMac Financial Services by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after buying an additional 8,345 shares during the period. American Century Companies Inc. increased its position in PennyMac Financial Services by 13.2% during the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after buying an additional 40,676 shares during the period. Bank of New York Mellon Corp increased its position in 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 buying an additional 4,930 shares during the period. Jacobs Levy Equity Management Inc. increased its position in PennyMac Financial Services by 0.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 139,882 shares of the real estate investment trust’s stock worth $12,742,000 after buying an additional 1,190 shares during the period. Finally, Edgestream Partners L.P. increased its position in PennyMac Financial Services by 256.9% during the 2nd quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock worth $8,028,000 after buying an additional 61,087 shares during the period. Institutional investors own 57.87% of the company’s stock.

Wall Street Analyst Weigh In

PFSI has been the topic of several analyst reports. Piper Sandler increased their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Barclays increased their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.86.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $102.52 on Friday. The stock’s 50-day simple moving average is $107.35 and its 200 day simple moving average is $99.65. The firm has a market capitalization of $5.26 billion, a PE ratio of 32.55 and a beta of 1.79. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. PennyMac Financial Services, Inc. has a twelve month low of $74.69 and a twelve month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. During the same period in the previous year, the business posted $1.77 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Monday, November 18th. PennyMac Financial Services’s payout ratio is 38.10%.

Insider Activity

In other news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the completion of the transaction, the chief executive officer now directly owns 180,604 shares in the company, valued at $18,970,644.16. This trade represents a 5.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the sale, the director now owns 1,854 shares of the company’s stock, valued at approximately $191,221.56. The trade was a 92.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,459 shares of company stock valued at $9,582,102. 16.60% of the stock is currently owned by corporate insiders.

PennyMac Financial Services Company Profile

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.