Truist Financial Corp Acquires Shares of 6,743 PennyMac Financial Services, Inc. $PFSI

Truist Financial Corp acquired a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,743 shares of the real estate investment trust’s stock, valued at approximately $835,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new position in PennyMac Financial Services during the second quarter valued at $26,000. Strs Ohio purchased a new position in shares of PennyMac Financial Services during the 1st quarter valued at about $30,000. Bayforest Capital Ltd purchased a new position in shares of PennyMac Financial Services during the 2nd quarter valued at about $62,000. Harbor Capital Advisors Inc. lifted its holdings in shares of PennyMac Financial Services by 26.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 105 shares during the period. Finally, CWM LLC boosted its stake in shares of PennyMac Financial Services by 92.7% in the third quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 267 shares during the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Activity at PennyMac Financial Services

In related news, Director Doug Jones sold 20,000 shares of PennyMac Financial Services stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $132.63, for a total value of $2,652,600.00. Following the sale, the director directly owned 430,000 shares in the company, valued at approximately $57,030,900. The trade was a 4.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Gregory L. Hendry sold 3,530 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $131.64, for a total value of $464,689.20. Following the sale, the chief accounting officer owned 48,633 shares of the company’s stock, valued at approximately $6,402,048.12. This trade represents a 6.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 47,305 shares of company stock valued at $6,329,768. 15.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Keefe, Bruyette & Woods dropped their target price on PennyMac Financial Services from $143.00 to $115.00 and set a “market perform” rating on the stock in a report on Monday, February 2nd. Weiss Ratings lowered PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. 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 cut 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 report on Friday, January 30th. Finally, BTIG Research reissued a “buy” rating on shares of PennyMac Financial Services in a report on Friday, January 30th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PennyMac Financial Services has an average rating of “Hold” and an average target price of $139.71.

PennyMac Financial Services Trading Down 0.3%

Shares of NYSE:PFSI opened at $94.48 on Wednesday. PennyMac Financial Services, Inc. has a 1 year low of $85.74 and a 1 year high of $160.36. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 0.54 and a beta of 1.55. The company has a debt-to-equity ratio of 3.01, a current ratio of 0.36 and a quick ratio of 0.36. The business’s 50 day moving average price is $132.03 and its 200-day moving average price is $123.14.

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

PennyMac Financial Services Dividend Announcement

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