Basswood Capital Management L.L.C. Makes New $16.75 Million Investment in PennyMac Financial Services, Inc. $PFSI

Basswood Capital Management L.L.C. bought a new stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 192,334 shares of the real estate investment trust’s stock, valued at approximately $16,752,000.

Other large investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PennyMac Financial Services by 0.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after purchasing an additional 111 shares in the last quarter. Sei Investments Co. grew its position in PennyMac Financial Services by 0.7% during the third quarter. Sei Investments Co. now owns 22,145 shares of the real estate investment trust’s stock valued at $2,743,000 after purchasing an additional 146 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in PennyMac Financial Services by 1.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 16,236 shares of the real estate investment trust’s stock valued at $2,026,000 after purchasing an additional 163 shares in the last quarter. Cerity Partners LLC increased its stake in PennyMac Financial Services by 7.3% in the 4th quarter. Cerity Partners LLC now owns 2,399 shares of the real estate investment trust’s stock valued at $316,000 after buying an additional 164 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its stake in PennyMac Financial Services by 4.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,619 shares of the real estate investment trust’s stock valued at $609,000 after buying an additional 196 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Trading Down 1.7%

NYSE:PFSI opened at $72.89 on Thursday. The stock’s 50 day moving average price is $80.71 and its 200 day moving average price is $85.57. PennyMac Financial Services, Inc. has a 52 week low of $71.68 and a 52 week high of $160.36. The company has a market capitalization of $3.79 billion, a P/E ratio of 10.01, a P/E/G ratio of 0.70 and a beta of 1.45. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.54 EPS. On average, research analysts forecast that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, August 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. PennyMac Financial Services’s dividend payout ratio is 16.48%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PFSI shares. Keefe, Bruyette & Woods cut their target price on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Piper Sandler cut shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $106.00 to $86.00 in a report on Thursday, July 30th. Barclays dropped their price target on shares of PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Wall Street Zen lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Stephens reduced their price objective on PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, PennyMac Financial Services presently has an average rating of “Hold” and a consensus price target of $104.88.

Insider Buying and Selling at PennyMac Financial Services

In other news, CAO Gregory L. Hendry sold 2,943 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $81.71, for a total transaction of $240,472.53. Following the transaction, the chief accounting officer owned 48,968 shares in the company, valued at approximately $4,001,175.28. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 15.20% of the company’s stock.

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.