Creative Planning Increases Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Creative Planning grew its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 59.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,977 shares of the real estate investment trust’s stock after buying an additional 1,865 shares during the period. Creative Planning’s holdings in PennyMac Financial Services were worth $471,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Quadrature Capital Ltd purchased a new stake in shares of PennyMac Financial Services in the fourth quarter worth about $967,000. Denali Advisors LLC grew its stake in PennyMac Financial Services by 179.2% during the 1st quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock worth $3,789,000 after buying an additional 26,700 shares during the last quarter. Russell Investments Group Ltd. increased its stake in PennyMac Financial Services by 91.3% during the 1st quarter. Russell Investments Group Ltd. now owns 19,246 shares of the real estate investment trust’s stock valued at $1,753,000 after purchasing an additional 9,183 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of PennyMac Financial Services by 56.1% in the 1st quarter. BNP Paribas Financial Markets now owns 13,917 shares of the real estate investment trust’s stock valued at $1,268,000 after acquiring an additional 5,004 shares during the period. Finally, Edgestream Partners L.P. raised its stake in shares of PennyMac Financial Services by 349.5% in the first quarter. Edgestream Partners L.P. now owns 23,774 shares of the real estate investment trust’s stock worth $2,166,000 after purchasing an additional 18,485 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PFSI has been the topic of a number of recent analyst reports. 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 report on Wednesday, July 24th. Piper Sandler 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, October 1st. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research note on Monday, July 22nd. Barclays boosted their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $111.50.

Insiders Place Their Bets

In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 14,670 shares in the company, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Spector sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was 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 of the company’s stock, valued at $20,915,083.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,855 shares of company stock worth $9,647,599. Corporate insiders own 16.60% of the company’s stock.

PennyMac Financial Services Price Performance

PFSI stock opened at $109.02 on Wednesday. The company has a market capitalization of $5.55 billion, a PE ratio of 37.85, a P/E/G ratio of 0.66 and a beta of 1.77. The stock’s 50 day moving average is $106.47 and its two-hundred day moving average is $97.41. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75. PennyMac Financial Services, Inc. has a 52-week low of $62.15 and a 52-week high of $119.13.

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). The company had revenue of $406.13 million during the quarter, compared to the consensus estimate of $469.64 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.11 earnings per share. Analysts predict that PennyMac Financial Services, Inc. will post 11.06 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.10%. This is a boost 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 (DPR) is presently 41.67%.

PennyMac Financial Services 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.