Bank of America Corp DE Trims Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Bank of America Corp DE lessened its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 80.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,787 shares of the real estate investment trust’s stock after selling 74,874 shares during the period. Bank of America Corp DE’s holdings in PennyMac Financial Services were worth $1,817,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. TD Waterhouse Canada Inc. purchased a new position in shares of PennyMac Financial Services during the fourth quarter valued at approximately $39,000. Sterling Capital Management LLC increased its stake in shares of PennyMac Financial Services by 601.8% during the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 343 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of PennyMac Financial Services during the fourth quarter valued at approximately $71,000. Parkside Financial Bank & Trust increased its position in PennyMac Financial Services by 54.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 389 shares during the period. Finally, KBC Group NV increased its position in PennyMac Financial Services by 15.6% during the 4th quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 209 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Insider Buying and Selling

In other news, insider James Follette sold 992 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $100.81, for a total transaction of $100,003.52. Following the sale, the insider now owns 7,338 shares in the company, valued at $739,743.78. This represents a 11.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Elbaum sold 410 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total transaction of $42,180.80. Following the sale, the insider now owns 4,207 shares in the company, valued at approximately $432,816.16. The trade was a 8.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,571 shares of company stock worth $4,059,995 in the last 90 days. Insiders own 16.60% of the company’s stock.

PennyMac Financial Services Stock Up 1.7%

NYSE:PFSI opened at $95.30 on Wednesday. The firm’s 50-day moving average price is $96.93 and its 200-day moving average price is $101.03. The company has a market capitalization of $4.92 billion, a PE ratio of 16.32, a P/E/G ratio of 0.19 and a beta of 1.60. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.26 and a quick ratio of 0.38. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.99 by ($1.57). The business had revenue of $430.90 million during the quarter, compared to analysts’ expectations of $520.42 million. PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. During the same quarter last year, the company posted $0.74 EPS. On average, equities analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were paid a $0.30 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.26%. PennyMac Financial Services’s payout ratio is currently 18.40%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PFSI shares. UBS Group reduced their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 price target on the stock in a research report on Tuesday, April 8th. Piper Sandler reduced their target price on PennyMac Financial Services from $130.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company reduced their target price on PennyMac Financial Services from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $121.17.

PennyMac Financial Services Profile

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.