Northern Trust Corp Reduces Stock Position in PennyMac Financial Services, Inc. $PFSI

Northern Trust Corp lessened its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 280,661 shares of the real estate investment trust’s stock after selling 7,079 shares during the quarter. Northern Trust Corp owned approximately 0.54% of PennyMac Financial Services worth $28,097,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. CWM LLC boosted its stake in shares of PennyMac Financial Services by 71.5% during the first quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 113 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of PennyMac Financial Services during the 4th quarter worth approximately $71,000. Xponance Inc. purchased a new position in shares of PennyMac Financial Services during the 1st quarter worth approximately $202,000. Hohimer Wealth Management LLC boosted its position in PennyMac Financial Services by 5.4% during the first quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 121 shares during the last quarter. Finally, Aristeia Capital L.L.C. acquired a new stake in PennyMac Financial Services during the fourth quarter worth approximately $351,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PFSI shares. Wall Street Zen raised shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a report on Monday, August 25th. They set an “overweight” rating and a $115.00 target price on the stock. Keefe, Bruyette & Woods cut their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. UBS Group cut 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 report on Thursday, July 24th. Finally, Barclays dropped their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday, July 8th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.67.

PennyMac Financial Services Trading Up 1.2%

Shares of NYSE:PFSI opened at $110.17 on Friday. The company has a 50 day moving average of $101.28 and a 200-day moving average of $99.14. The firm has a market cap of $5.70 billion, a P/E ratio of 15.28 and a beta of 1.50. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $119.13. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.01 by ($1.99). The company had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The company’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.85 earnings per share. As a group, analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Wednesday, August 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 1.1%. PennyMac Financial Services’s dividend payout ratio is currently 16.64%.

Insider Activity at PennyMac Financial Services

In related news, Director Joseph F. Mazzella sold 7,107 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the sale, the director owned 86,050 shares in the company, valued at approximately $9,307,168. This represents a 7.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Derek Stark sold 4,750 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the sale, the insider owned 20,621 shares of the company’s stock, valued at approximately $2,259,236.76. This trade represents a 18.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,857 shares of company stock valued at $2,813,253 over the last ninety days. Insiders own 15.80% of the company’s stock.

PennyMac Financial Services Company 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.