Allianz Asset Management GmbH Lowers Stock Position in PennyMac Financial Services, Inc. $PFSI

Allianz Asset Management GmbH decreased its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 40.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,501 shares of the real estate investment trust’s stock after selling 29,997 shares during the quarter. Allianz Asset Management GmbH’s holdings in PennyMac Financial Services were worth $5,513,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of PennyMac Financial Services by 6.0% in the second quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock valued at $71,924,000 after buying an additional 41,124 shares during the last quarter. Basswood Capital Management L.L.C. increased its position in PennyMac Financial Services by 5.9% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 570,210 shares of the real estate investment trust’s stock valued at $56,816,000 after acquiring an additional 31,743 shares during the period. Norges Bank purchased a new stake in PennyMac Financial Services during the 2nd quarter valued at approximately $39,976,000. Ameriprise Financial Inc. lifted its position in PennyMac Financial Services by 43.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 400,788 shares of the real estate investment trust’s stock worth $39,935,000 after acquiring an additional 121,382 shares during the period. Finally, American Century Companies Inc. lifted its position in PennyMac Financial Services by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 399,388 shares of the real estate investment trust’s stock worth $39,795,000 after acquiring an additional 52,227 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $145.19, for a total transaction of $1,451,900.00. Following the completion of the transaction, the chief executive officer directly owned 100,604 shares in the company, valued at approximately $14,606,694.76. This trade represents a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Doug Jones sold 20,000 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $132.63, for a total transaction of $2,652,600.00. Following the completion of the sale, the director directly owned 430,000 shares in the company, valued at $57,030,900. This trade represents a 4.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 47,305 shares of company stock valued at $6,329,768 in the last quarter. Insiders own 15.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group boosted their target price on PennyMac Financial Services from $135.00 to $145.00 and gave the company a “neutral” rating in a report on Friday, October 24th. Wall Street Zen cut shares of PennyMac Financial Services from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Wells Fargo & Company reduced their target price on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Finally, Piper Sandler reduced their price objective on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $139.71.

PennyMac Financial Services Price Performance

PFSI stock opened at $94.48 on Wednesday. The firm has a 50 day moving average of $132.03 and a 200-day moving average of $123.14. The company has a market cap of $4.91 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.54 and a beta of 1.55. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01. PennyMac Financial Services, Inc. has a 12-month low of $85.74 and a 12-month high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. PennyMac Financial Services had a return on equity of 10.36% and a net margin of 24.48%.The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.95 earnings per share. As a group, equities analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Monday, February 16th will be given a $0.30 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. PennyMac Financial Services’s payout ratio is currently 12.90%.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.