The Manufacturers Life Insurance Company Lowers Stock Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

The Manufacturers Life Insurance Company trimmed its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 0.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 18,318 shares of the real estate investment trust’s stock after selling 131 shares during the period. The Manufacturers Life Insurance Company’s holdings in PennyMac Financial Services were worth $2,088,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in PFSI. Charles Schwab Investment Management Inc. boosted its stake in shares of PennyMac Financial Services by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock valued at $50,985,000 after purchasing an additional 31,035 shares during the period. American Century Companies Inc. raised its position in PennyMac Financial Services by 13.2% in the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock valued at $32,919,000 after purchasing an additional 40,676 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of PennyMac Financial Services in the 3rd quarter valued at about $24,644,000. Bank of New York Mellon Corp grew its position in shares of PennyMac Financial Services by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock worth $17,240,000 after buying an additional 4,930 shares in the last quarter. Finally, Edgestream Partners L.P. increased its stake in shares of PennyMac Financial Services by 256.9% during the second quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust’s stock worth $8,028,000 after buying an additional 61,087 shares during the period. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Piper Sandler raised their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Barclays increased their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $121.00.

Insider Activity

In other news, CAO Gregory L. Hendry sold 3,032 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $102.09, for a total transaction of $309,536.88. Following the transaction, the chief accounting officer now directly owns 48,040 shares in the company, valued at $4,904,403.60. The trade was a 5.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $116.79, for a total transaction of $1,167,900.00. Following the completion of the sale, the chief executive officer now owns 200,604 shares of the company’s stock, valued at approximately $23,428,541.16. The trade was a 4.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,162 shares of company stock valued at $8,540,526. Insiders own 16.60% of the company’s stock.

PennyMac Financial Services Stock Up 1.2 %

Shares of NYSE PFSI opened at $107.07 on Monday. The business has a 50-day moving average price of $105.33 and a 200 day moving average price of $101.26. The stock has a market cap of $5.49 billion, a PE ratio of 33.99 and a beta of 1.78. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. PennyMac Financial Services, Inc. has a 52-week low of $79.11 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($1.62). The firm had revenue of $411.83 million during the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. PennyMac Financial Services’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.77 earnings per share. Equities research analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.12%. PennyMac Financial Services’s dividend payout ratio is presently 38.10%.

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.