GAMMA Investing LLC Boosts Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

GAMMA Investing LLC lifted its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 12,101.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,713 shares of the real estate investment trust’s stock after purchasing an additional 11,617 shares during the period. GAMMA Investing LLC’s holdings in PennyMac Financial Services were worth $1,173,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TD Waterhouse Canada Inc. purchased a new stake in shares of PennyMac Financial Services in the 4th quarter worth $39,000. Sterling Capital Management LLC increased its stake in shares of PennyMac Financial Services by 601.8% in the 4th quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 343 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of PennyMac Financial Services in the 4th quarter worth $71,000. Parkside Financial Bank & Trust increased its stake in PennyMac Financial Services by 54.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust’s stock worth $112,000 after buying an additional 389 shares in the last quarter. Finally, Polymer Capital Management US LLC purchased a new stake in PennyMac Financial Services in the 4th quarter worth $217,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PennyMac Financial Services

In related news, CRO Abbie Tidmore sold 2,669 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $102.55, for a total transaction of $273,705.95. Following the transaction, the executive now directly owns 4,878 shares of the company’s stock, valued at $500,238.90. This trade represents a 35.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO David Spector sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $98.29, for a total transaction of $491,450.00. Following the completion of the sale, the chief executive officer now owns 140,604 shares of the company’s stock, valued at approximately $13,819,967.16. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,579 shares of company stock valued at $3,945,042. Insiders own 15.80% of the company’s stock.

PennyMac Financial Services Stock Down 2.7%

PFSI opened at $95.82 on Monday. The firm has a 50-day simple moving average of $96.38 and a two-hundred day simple moving average of $100.50. PennyMac Financial Services, Inc. has a 52 week low of $85.74 and a 52 week high of $119.13. The company has a market capitalization of $4.95 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 0.19 and a beta of 1.55. The company has a quick ratio of 0.38, a current ratio of 0.26 and a debt-to-equity ratio of 3.22.

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

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Wednesday, May 14th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Wednesday, May 14th. PennyMac Financial Services’s payout ratio is 18.40%.

Wall Street Analysts Forecast Growth

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

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.