KLP Kapitalforvaltning AS Purchases 800 Shares of PennyMac Financial Services, Inc. $PFSI

KLP Kapitalforvaltning AS boosted its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 13.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,600 shares of the real estate investment trust’s stock after acquiring an additional 800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in PennyMac Financial Services were worth $658,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PFSI. Orbis Allan Gray Ltd grew its holdings in PennyMac Financial Services by 447.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust’s stock worth $92,779,000 after acquiring an additional 757,489 shares during the last quarter. Millennium Management LLC grew its holdings in PennyMac Financial Services by 48.8% during the 1st quarter. Millennium Management LLC now owns 771,605 shares of the real estate investment trust’s stock worth $77,245,000 after acquiring an additional 253,031 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in PennyMac Financial Services during the 1st quarter worth about $18,701,000. Nuveen LLC acquired a new position in PennyMac Financial Services during the 1st quarter valued at about $10,550,000. Finally, Bank of New York Mellon Corp lifted its position in PennyMac Financial Services by 45.9% during the 1st quarter. Bank of New York Mellon Corp now owns 290,235 shares of the real estate investment trust’s stock valued at $29,055,000 after purchasing an additional 91,338 shares during the period. Institutional investors own 57.87% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Monday, September 29th. Wells Fargo & Company assumed coverage on shares of PennyMac Financial Services in a research report on Monday, August 25th. They issued an “overweight” rating and a $115.00 price target on the stock. Barclays increased their price target on shares of PennyMac Financial Services from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Monday, October 6th. Zacks Research upgraded shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Finally, UBS Group increased their price target on shares of PennyMac Financial Services from $110.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, October 10th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $130.17.

Insider Buying and Selling at PennyMac Financial Services

In other news, insider Derek Stark sold 4,750 shares of the firm’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 transaction, the insider directly owned 20,621 shares of the company’s stock, valued at $2,259,236.76. This trade represents a 18.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph F. Mazzella sold 7,107 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $108.16, for a total transaction of $768,693.12. Following the transaction, the director directly owned 86,050 shares of the company’s stock, valued at $9,307,168. This represents a 7.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,632 shares of company stock valued at $3,998,816 over the last quarter. Insiders own 15.80% of the company’s stock.

PennyMac Financial Services Price Performance

NYSE PFSI opened at $119.98 on Friday. The business has a 50 day simple moving average of $116.40 and a 200 day simple moving average of $103.93. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $130.02. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 16.64 and a beta of 1.59.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. During the same period in the previous year, the company posted $1.85 earnings per share. PennyMac Financial Services’s revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts anticipate 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, August 22nd. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 16.64%.

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.