140 Summer Partners LP Raises Stock Holdings in PennyMac Financial Services, Inc. $PFSI

140 Summer Partners LP grew its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 50.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 669,892 shares of the real estate investment trust’s stock after purchasing an additional 223,752 shares during the quarter. PennyMac Financial Services accounts for 6.5% of 140 Summer Partners LP’s holdings, making the stock its 3rd largest position. 140 Summer Partners LP’s holdings in PennyMac Financial Services were worth $88,319,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in PennyMac Financial Services by 3.8% in the first quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust’s stock worth $2,404,000 after purchasing an additional 875 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of PennyMac Financial Services by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust’s stock valued at $1,594,000 after purchasing an additional 706 shares during the period. Intech Investment Management LLC boosted its stake in shares of PennyMac Financial Services by 5.8% during the first quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust’s stock valued at $1,540,000 after purchasing an additional 840 shares during the period. Strs Ohio bought a new position in shares of PennyMac Financial Services in the first quarter worth about $30,000. Finally, Prudential Financial Inc. grew its holdings in shares of PennyMac Financial Services by 82.8% in the second quarter. Prudential Financial Inc. now owns 4,084 shares of the real estate investment trust’s stock worth $413,000 after purchasing an additional 1,850 shares during the last quarter. Institutional investors own 57.87% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PFSI. Zacks Research downgraded shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Friday, May 8th. Stephens began coverage on PennyMac Financial Services in a report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 price target for the company. Wells Fargo & Company dropped their price objective on PennyMac Financial Services from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reduced their price objective on PennyMac Financial Services from $122.00 to $112.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Finally, BTIG Research decreased their target price on PennyMac Financial Services from $150.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $117.13.

Insiders Place Their Bets

In other news, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $87.99, for a total value of $879,900.00. Following the completion of the sale, the chief executive officer owned 60,604 shares of the company’s stock, valued at $5,332,545.96. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $87.50, for a total value of $255,937.50. Following the transaction, the chief financial officer owned 210,625 shares in the company, valued at approximately $18,429,687.50. This trade represents a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,925 shares of company stock valued at $2,064,138 in the last three months. Insiders own 15.80% of the company’s stock.

PennyMac Financial Services Stock Performance

Shares of NYSE:PFSI opened at $83.45 on Wednesday. PennyMac Financial Services, Inc. has a 52 week low of $77.67 and a 52 week high of $160.36. The firm has a 50 day moving average of $87.35 and a 200 day moving average of $104.84. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 8.87, a price-to-earnings-growth ratio of 0.54 and a beta of 1.44. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 3.63.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.03). The firm had revenue of $544.98 million during the quarter, compared to analysts’ expectations of $546.17 million. PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The firm’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.42 EPS. On average, sell-side analysts predict that PennyMac Financial Services, Inc. will post 10.68 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Monday, May 18th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, May 18th. PennyMac Financial Services’s dividend payout ratio is currently 12.75%.

PennyMac Financial Services Company 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.