Cullen Capital Management LLC Has $417,000 Stake in PennyMac Financial Services, Inc. $PFSI

Cullen Capital Management LLC trimmed its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 48.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,185 shares of the real estate investment trust’s stock after selling 3,953 shares during the quarter. Cullen Capital Management LLC’s holdings in PennyMac Financial Services were worth $417,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its holdings in PennyMac Financial Services by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust’s stock worth $429,454,000 after acquiring an additional 24,055 shares during the last quarter. Advantage Alpha Capital Partners LP lifted its holdings in PennyMac Financial Services by 26.3% during the 1st quarter. Advantage Alpha Capital Partners LP now owns 55,376 shares of the real estate investment trust’s stock worth $5,544,000 after buying an additional 11,528 shares during the period. Maverick Capital Ltd. grew its position in shares of PennyMac Financial Services by 150.4% in the 1st quarter. Maverick Capital Ltd. now owns 8,073 shares of the real estate investment trust’s stock valued at $808,000 after buying an additional 4,849 shares during the last quarter. Conversant Capital LLC increased its stake in shares of PennyMac Financial Services by 25.1% in the first quarter. Conversant Capital LLC now owns 244,150 shares of the real estate investment trust’s stock valued at $24,442,000 after buying an additional 49,000 shares during the period. Finally, Creative Planning lifted its stake in shares of PennyMac Financial Services by 89.5% in the second quarter. Creative Planning now owns 13,495 shares of the real estate investment trust’s stock worth $1,345,000 after acquiring an additional 6,374 shares during the period. 57.87% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 26,011 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $131.36, for a total value of $3,416,804.96. Following the sale, the chief financial officer owned 9,964 shares in the company, valued at $1,308,871.04. This represents a 72.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Doug Jones sold 23,453 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $127.56, for a total transaction of $2,991,664.68. Following the completion of the transaction, the director directly owned 19,056 shares in the company, valued at approximately $2,430,783.36. The trade was a 55.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 209,599 shares of company stock valued at $27,050,778 over the last three months. Corporate insiders own 15.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PFSI. UBS Group raised their price target on shares of PennyMac Financial Services from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Keefe, Bruyette & Woods increased their price target on PennyMac Financial Services from $129.00 to $138.00 and gave the stock a “market perform” rating in a report on Friday, October 24th. Barclays upped their target price on PennyMac Financial Services from $136.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Zacks Research upgraded PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, BTIG Research restated a “buy” rating and set a $135.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 22nd. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, PennyMac Financial Services has an average rating of “Moderate Buy” and an average price target of $138.67.

PennyMac Financial Services Stock Up 0.0%

PFSI stock opened at $130.52 on Tuesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.36 and a current ratio of 0.36. PennyMac Financial Services, Inc. has a fifty-two week low of $85.74 and a fifty-two week high of $136.62. The stock’s 50 day simple moving average is $126.75 and its 200 day simple moving average is $113.29. The company has a market cap of $6.78 billion, a P/E ratio of 14.06 and a beta of 1.58.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The company had revenue of $632.90 million for the quarter, compared to analyst estimates of $573.46 million. During the same period in the prior year, the firm earned $1.30 earnings per share. PennyMac Financial Services’s revenue for the quarter was up 53.7% on a year-over-year basis. On average, research analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, November 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 12.93%.

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.