QRG Capital Management Inc. Lowers Stake in PennyMac Financial Services, Inc. $PFSI

QRG Capital Management Inc. cut its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 75.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,342 shares of the real estate investment trust’s stock after selling 10,194 shares during the quarter. QRG Capital Management Inc.’s holdings in PennyMac Financial Services were worth $414,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Creative Planning raised its stake in shares of PennyMac Financial Services by 89.5% during the 2nd quarter. Creative Planning now owns 13,495 shares of the real estate investment trust’s stock worth $1,345,000 after acquiring an additional 6,374 shares in the last quarter. Vise Technologies Inc. purchased a new position in PennyMac Financial Services in the second quarter worth $383,000. American Century Companies Inc. increased its position in shares of PennyMac Financial Services by 15.0% during the second quarter. American Century Companies Inc. now owns 399,388 shares of the real estate investment trust’s stock worth $39,795,000 after purchasing an additional 52,227 shares in the last quarter. Lightrock Netherlands B.V. lifted its holdings in shares of PennyMac Financial Services by 5.2% during the 2nd quarter. Lightrock Netherlands B.V. now owns 143,113 shares of the real estate investment trust’s stock valued at $14,260,000 after purchasing an additional 7,058 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of PennyMac Financial Services in the 2nd quarter worth $39,976,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI opened at $150.75 on Friday. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $160.36. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01. The company has a market cap of $7.83 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 0.69 and a beta of 1.57. The company’s 50 day moving average is $135.96 and its 200 day moving average is $121.66.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $3.37 EPS for the quarter, beating the consensus estimate of $2.98 by $0.39. The business had revenue of $632.90 million for the quarter, compared to the consensus estimate of $573.46 million. PennyMac Financial Services had a net margin of 25.21% and a return on equity of 11.69%. The business’s revenue for the quarter was up 53.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 EPS. On average, sell-side analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

Insider Buying and Selling at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 8,775 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $126.67, for a total value of $1,111,529.25. Following the completion of the transaction, the chief financial officer owned 216,475 shares of the company’s stock, valued at $27,420,888.25. The trade was a 3.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Gregory L. Hendry sold 3,530 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $131.64, for a total value of $464,689.20. Following the completion of the sale, the chief accounting officer owned 48,633 shares in the company, valued at $6,402,048.12. The trade was a 6.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 80,076 shares of company stock valued at $10,512,190. Company insiders own 15.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Weiss Ratings lowered PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Keefe, Bruyette & Woods upped their price objective on shares of PennyMac Financial Services from $138.00 to $143.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. BTIG Research lifted their target price on shares of PennyMac Financial Services from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, December 29th. Wells Fargo & Company boosted their target price on shares of PennyMac Financial Services from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Wall Street Zen cut shares of PennyMac Financial Services from a “buy” rating to a “hold” rating in a report on Sunday, January 18th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $153.43.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.