The Manufacturers Life Insurance Company Raises Stock Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

The Manufacturers Life Insurance Company grew its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 6.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,449 shares of the real estate investment trust’s stock after buying an additional 1,166 shares during the period. The Manufacturers Life Insurance Company’s holdings in PennyMac Financial Services were worth $1,745,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in PennyMac Financial Services by 0.3% during the first 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 holdings 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 during the period. Bank of New York Mellon Corp raised its position 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 valued at $17,240,000 after purchasing an additional 4,930 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake 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 during the period. Finally, Edgestream Partners L.P. grew 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 purchasing an additional 61,087 shares during the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the sale, the insider now owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of PennyMac Financial Services stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares in the company, valued at approximately $1,714,629.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $99.31, for a total transaction of $993,100.00. Following the completion of the sale, the chief executive officer now owns 210,604 shares in the company, valued at $20,915,083.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,855 shares of company stock valued at $8,571,899 in the last ninety days. Corporate insiders own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

PFSI has been the subject of a number of research reports. Piper Sandler upped their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 1st. Wedbush upped their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Barclays upped 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. Finally, Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective on the stock. in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.50.

PennyMac Financial Services Stock Down 0.1 %

PennyMac Financial Services stock opened at $106.14 on Friday. The stock’s 50 day moving average price is $105.76 and its 200 day moving average price is $96.96. The company has a market cap of $5.40 billion, a PE ratio of 36.85, a price-to-earnings-growth ratio of 0.72 and a beta of 1.77. 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, Inc. has a 1-year low of $62.15 and a 1-year high of $119.13.

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

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. This is an increase from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio (DPR) 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.