HighTower Advisors LLC Invests $702,000 in PennyMac Financial Services, Inc. (NYSE:PFSI)

HighTower Advisors LLC bought a new stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 6,111 shares of the real estate investment trust’s stock, valued at approximately $702,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC grew its position in PennyMac Financial Services by 231.9% in the third quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock valued at $133,003,000 after acquiring an additional 815,389 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in PennyMac Financial Services by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock valued at $50,985,000 after buying an additional 31,035 shares during the last quarter. American Century Companies Inc. boosted its position in 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 buying an additional 40,676 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of PennyMac Financial Services during the third quarter valued at about $24,644,000. Finally, Bank of New York Mellon Corp increased its position in shares of PennyMac Financial Services by 2.8% during the second 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 acquiring an additional 4,930 shares during the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $112.93, for a total value of $1,185,765.00. Following the sale, the chief financial officer now owns 235,997 shares of the company’s stock, valued at $26,651,141.21. This trade represents a 4.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $107.57, for a total transaction of $1,075,700.00. Following the completion of the sale, the chief executive officer now owns 190,604 shares in the company, valued at approximately $20,503,272.28. This represents a 4.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,032 shares of company stock valued at $5,721,112. 16.60% of the stock is currently owned by insiders.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $99.60 on Thursday. The stock has a market capitalization of $5.11 billion, a PE ratio of 31.62 and a beta of 1.78. The business’s fifty day moving average price is $104.51 and its 200 day moving average price is $101.94. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38. PennyMac Financial Services, Inc. has a 12-month low of $81.93 and a 12-month high of $119.13.

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

PennyMac Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.20%. PennyMac Financial Services’s payout ratio is currently 38.10%.

Analyst Ratings Changes

PFSI has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lowered their price objective on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating for the company in a research note on Tuesday, December 10th. Piper Sandler raised their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Wedbush restated an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Barclays increased their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company boosted their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.50.

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.