Assenagon Asset Management S.A. Raises Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Assenagon Asset Management S.A. boosted its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 27.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 27,206 shares of the real estate investment trust’s stock after purchasing an additional 5,833 shares during the period. Assenagon Asset Management S.A. owned approximately 0.05% of PennyMac Financial Services worth $2,779,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new stake in shares of PennyMac Financial Services in the third quarter valued at about $37,000. Blue Trust Inc. boosted its holdings in shares of PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 262 shares in the last quarter. KBC Group NV boosted its holdings in shares of PennyMac Financial Services by 20.3% in the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 226 shares in the last quarter. Quantbot Technologies LP boosted its holdings in shares of PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 290 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of PennyMac Financial Services in the third quarter valued at about $203,000. 57.87% of the stock is owned by hedge funds and other institutional investors.

PennyMac Financial Services Stock Up 1.2 %

PFSI stock opened at $108.89 on Wednesday. The company has a market cap of $5.58 billion, a P/E ratio of 34.57, a P/E/G ratio of 0.20 and a beta of 1.78. PennyMac Financial Services, Inc. has a 52 week low of $83.03 and a 52 week high of $119.13. The company’s 50-day moving average price is $103.47 and its 200 day moving average price is $103.70. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last announced its 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). The business had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.77 EPS. On average, research analysts expect that PennyMac Financial Services, Inc. will post 11.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a report on Tuesday, December 10th. Wells Fargo & Company lifted their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Piper Sandler lifted their target price on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Finally, 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 report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services has a consensus rating of “Moderate Buy” and an average price target of $122.50.

Insiders Place Their Bets

In other PennyMac Financial Services news, Director Doug Jones sold 7,882 shares of PennyMac Financial Services stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $103.16, for a total transaction of $813,107.12. Following the completion of the transaction, the director now owns 450,000 shares in the company, valued at approximately $46,422,000. The trade was a 1.72 % 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 5,000 shares of PennyMac Financial Services stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $99.38, for a total transaction of $496,900.00. Following the transaction, the chief executive officer now owns 165,604 shares of the company’s stock, valued at approximately $16,457,725.52. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,844 shares of company stock worth $15,079,791. Insiders own 16.60% of the company’s stock.

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.