T. Rowe Price Investment Management Inc. Sells 138,523 Shares of PennyMac Financial Services, Inc. $PFSI

T. Rowe Price Investment Management Inc. trimmed its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,603,567 shares of the real estate investment trust’s stock after selling 138,523 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 6.93% of PennyMac Financial Services worth $475,095,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new stake in shares of PennyMac Financial Services during the second quarter worth $26,000. Strs Ohio purchased a new position in shares of PennyMac Financial Services in the first quarter valued at $30,000. Los Angeles Capital Management LLC bought a new stake in shares of PennyMac Financial Services during the 4th quarter valued at $31,000. GAMMA Investing LLC raised its stake in shares of PennyMac Financial Services by 97.3% during the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 142 shares during the period. Finally, Clearstead Advisors LLC lifted its holdings in PennyMac Financial Services by 131.8% during the 4th quarter. Clearstead Advisors LLC now owns 503 shares of the real estate investment trust’s stock worth $66,000 after purchasing an additional 286 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PFSI shares. BTIG Research reduced their target price on PennyMac Financial Services from $150.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods lowered their price target on shares of PennyMac Financial Services from $115.00 to $108.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Wall Street Zen upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Stephens initiated coverage on shares of PennyMac Financial Services in a research note on Friday, April 24th. They set an “equal weight” rating and a $100.00 price objective for the company. Finally, Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, PennyMac Financial Services presently has a consensus rating of “Hold” and a consensus price target of $117.12.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $82.63 on Friday. PennyMac Financial Services, Inc. has a 52 week low of $77.67 and a 52 week high of $160.36. The business has a 50-day simple moving average of $87.05 and a 200 day simple moving average of $104.09. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 3.63. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 8.78, a PEG ratio of 0.53 and a beta of 1.44.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.03). PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The business had revenue of $544.98 million during the quarter, compared to the consensus estimate of $546.17 million. During the same quarter in the prior year, the company earned $1.42 earnings per share. PennyMac Financial Services’s revenue was up 26.5% compared to the same quarter last year. On average, research analysts forecast that PennyMac Financial Services, Inc. will post 10.68 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Monday, May 18th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, May 18th. PennyMac Financial Services’s dividend payout ratio is 12.75%.

Insider Activity at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $87.99, for a total value of $879,900.00. Following the transaction, the chief executive officer owned 60,604 shares of the company’s stock, valued at $5,332,545.96. This represents a 14.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $87.50, for a total value of $255,937.50. Following the completion of the transaction, the chief financial officer directly owned 210,625 shares in the company, valued at approximately $18,429,687.50. This represents a 1.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 22,925 shares of company stock worth $2,064,138. 15.80% of the stock is owned by company insiders.

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.