Seven Eight Capital LP Takes Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Seven Eight Capital LP bought a new position in PennyMac Financial Services, Inc. (NYSE:PFSI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,836 shares of the real estate investment trust’s stock, valued at approximately $268,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings 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. Norges Bank acquired a new stake in shares of PennyMac Financial Services during the fourth quarter valued at approximately $31,258,000. American Century Companies Inc. lifted its position in shares of PennyMac Financial Services by 13.2% in the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock valued at $32,919,000 after acquiring an additional 40,676 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in PennyMac Financial Services by 2.8% in 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 purchasing an additional 4,930 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew 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 purchasing an additional 1,190 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PennyMac Financial Services

In other news, insider Steven Richard Bailey sold 14,130 shares of the company’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 completion of the sale, the insider now owns 14,670 shares in the company, valued at approximately $1,714,629.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Steven Richard Bailey sold 14,130 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the sale, the insider now directly owns 14,670 shares in the company, valued at $1,714,629.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $92.06, for a total transaction of $920,600.00. Following the completion of the transaction, the chief executive officer now owns 220,604 shares in the company, valued at $20,308,804.24. The disclosure for this sale can be found here. Insiders have sold a total of 79,355 shares of company stock worth $8,306,734 over the last three months. Corporate insiders own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PFSI shares. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research report on Monday, July 22nd. Piper Sandler lifted their target price on PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Wedbush increased their price target on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services presently has an average rating of “Hold” and a consensus price target of $107.17.

PennyMac Financial Services Stock Up 0.6 %

Shares of PennyMac Financial Services stock opened at $112.47 on Tuesday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 39.05, a P/E/G ratio of 0.75 and a beta of 1.77. The stock has a 50-day simple moving average of $103.05 and a 200-day simple moving average of $95.00. PennyMac Financial Services, Inc. has a 52-week low of $62.15 and a 52-week high of $119.13. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. During the same quarter last year, the firm earned $1.11 earnings per share. PennyMac Financial Services’s revenue was up 20.7% compared to the same quarter last year. On average, equities research analysts expect that PennyMac Financial Services, Inc. will post 10.61 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.07%. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is presently 41.67%.

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.