PennyMac Financial Services, Inc. (NYSE:PFSI) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC lowered its position in PennyMac Financial Services, Inc. (NYSE:PFSI) by 2.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,793 shares of the real estate investment trust’s stock after selling 170 shares during the quarter. New York Life Investment Management LLC’s holdings in PennyMac Financial Services were worth $512,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in shares of PennyMac Financial Services by 40.0% in the 4th quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock valued at $5,333,000 after buying an additional 17,245 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of PennyMac Financial Services during the 3rd quarter worth $3,370,000. Graham Capital Management L.P. acquired a new position in shares of PennyMac Financial Services during the 3rd quarter worth $1,237,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of PennyMac Financial Services in the 3rd quarter valued at about $3,657,000. Finally, Invesco Ltd. lifted its stake in shares of PennyMac Financial Services by 47.6% in the third quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock valued at $32,654,000 after purchasing an additional 158,181 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Insider Activity

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $90.73, for a total value of $1,493,869.45. Following the transaction, the director now owns 116,546 shares of the company’s stock, valued at $10,574,218.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Daniel Stanley Perotti sold 11,400 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $88.50, for a total transaction of $1,008,900.00. Following the completion of the transaction, the chief financial officer now owns 257,897 shares in the company, valued at $22,823,884.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph F. Mazzella sold 16,465 shares of PennyMac Financial Services stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $90.73, for a total transaction of $1,493,869.45. Following the completion of the sale, the director now owns 116,546 shares in the company, valued at $10,574,218.58. The disclosure for this sale can be found here. In the last three months, insiders sold 104,267 shares of company stock valued at $9,159,977. Company insiders own 16.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of PennyMac Financial Services from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of PennyMac Financial Services in a research note on Thursday, April 25th. StockNews.com upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft dropped their price target on PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Barclays increased their price objective on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Moderate Buy” and an average price target of $97.75.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $93.80 on Friday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.39 and a current ratio of 0.39. PennyMac Financial Services, Inc. has a 1 year low of $56.60 and a 1 year high of $94.78. The firm’s 50-day simple moving average is $88.47 and its 200-day simple moving average is $84.51. The firm has a market cap of $4.73 billion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 0.59 and a beta of 1.68.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 10.48% and a net margin of 10.94%. The business had revenue of $305.66 million during the quarter, compared to the consensus estimate of $422.87 million. Equities analysts forecast that PennyMac Financial Services, Inc. will post 10.55 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Tuesday, May 14th will be given a $0.20 dividend. The ex-dividend date is Monday, May 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.85%. PennyMac Financial Services’s payout ratio is currently 27.78%.

About PennyMac Financial Services

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