American International Group Inc. Cuts Stock Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

American International Group Inc. decreased its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,288 shares of the real estate investment trust’s stock after selling 636 shares during the period. American International Group Inc.’s holdings in PennyMac Financial Services were worth $864,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quilter Plc purchased a new position in shares of PennyMac Financial Services during the first quarter valued at approximately $248,250,000. Tower Research Capital LLC TRC boosted its position in shares of PennyMac Financial Services by 59.9% during the first quarter. Tower Research Capital LLC TRC now owns 542 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 203 shares during the last quarter. US Bancorp DE boosted its position in shares of PennyMac Financial Services by 28.1% during the first quarter. US Bancorp DE now owns 867 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 190 shares during the last quarter. Westpac Banking Corp bought a new stake in PennyMac Financial Services during the first quarter worth $64,000. Finally, Captrust Financial Advisors lifted its holdings in PennyMac Financial Services by 75.9% during the second quarter. Captrust Financial Advisors now owns 2,890 shares of the real estate investment trust’s stock worth $126,000 after acquiring an additional 1,247 shares during the period. Hedge funds and other institutional investors own 59.12% of the company’s stock.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $76.86 on Thursday. PennyMac Financial Services, Inc. has a 52 week low of $54.00 and a 52 week high of $82.92. The business has a 50-day simple moving average of $68.09 and a 200 day simple moving average of $68.46. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.87. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 18.48 and a beta of 1.52.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Thursday, October 26th. The real estate investment trust reported $1.77 EPS for the quarter, beating the consensus estimate of $1.57 by $0.20. The firm had revenue of $400.31 million for the quarter, compared to analyst estimates of $401.96 million. PennyMac Financial Services had a return on equity of 6.54% and a net margin of 15.88%. The company’s revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.46 EPS. On average, research analysts forecast that PennyMac Financial Services, Inc. will post 5.22 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, November 13th will be issued a $0.20 dividend. The ex-dividend date is Friday, November 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.04%. PennyMac Financial Services’s payout ratio is 19.23%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PFSI shares. StockNews.com upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Friday, September 29th. Wedbush boosted their target price on PennyMac Financial Services from $80.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Barclays began coverage on PennyMac Financial Services in a research report on Wednesday. They issued an “overweight” rating and a $82.00 price target for the company. Piper Sandler lifted their price target on PennyMac Financial Services from $90.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, October 27th. Finally, Keefe, Bruyette & Woods upgraded PennyMac Financial Services from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $77.00 to $81.00 in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $85.14.

Insider Activity

In related news, CEO David Spector sold 15,000 shares of PennyMac Financial Services stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $65.82, for a total value of $987,300.00. Following the transaction, the chief executive officer now owns 330,604 shares in the company, valued at approximately $21,760,355.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 45,000 shares of company stock valued at $3,097,800. Corporate insiders own 17.40% of the company’s stock.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.