140 Summer Partners LP Makes New $55.27 Million Investment in PennyMac Financial Services, Inc. $PFSI

140 Summer Partners LP purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 446,140 shares of the real estate investment trust’s stock, valued at approximately $55,268,000. PennyMac Financial Services accounts for 4.8% of 140 Summer Partners LP’s holdings, making the stock its 12th biggest position. 140 Summer Partners LP owned approximately 0.86% of PennyMac Financial Services at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Harbor Capital Advisors Inc. grew its holdings in PennyMac Financial Services by 26.3% in the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in PennyMac Financial Services by 0.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust’s stock worth $1,598,000 after purchasing an additional 111 shares during the period. Sei Investments Co. boosted its holdings in shares of PennyMac Financial Services by 0.7% in the 3rd quarter. Sei Investments Co. now owns 22,145 shares of the real estate investment trust’s stock valued at $2,743,000 after purchasing an additional 146 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of PennyMac Financial Services by 1.8% in the 3rd quarter. Arizona State Retirement System now owns 9,172 shares of the real estate investment trust’s stock valued at $1,136,000 after purchasing an additional 166 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of PennyMac Financial Services by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 35,478 shares of the real estate investment trust’s stock valued at $3,535,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Transactions at PennyMac Financial Services

In other PennyMac Financial Services news, insider Derek Stark sold 1,903 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $91.50, for a total value of $174,124.50. Following the completion of the transaction, the insider directly owned 22,477 shares of the company’s stock, valued at $2,056,645.50. This represents a 7.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David Spector sold 12,436 shares of PennyMac Financial Services stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $86.39, for a total value of $1,074,346.04. Following the sale, the chief executive officer directly owned 529,401 shares in the company, valued at approximately $45,734,952.39. The trade was a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 59,810 shares of company stock worth $6,268,192 over the last three months. Insiders own 15.80% of the company’s stock.

Analyst Ratings Changes

PFSI has been the subject of a number of research analyst reports. Weiss Ratings downgraded PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, January 20th. Zacks Research downgraded PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. BTIG Research restated a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Jefferies Financial Group began coverage on PennyMac Financial Services in a report on Friday, December 19th. They issued a “buy” rating and a $160.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $139.71.

PennyMac Financial Services Stock Down 0.5%

NYSE PFSI opened at $84.15 on Friday. The stock has a market cap of $4.39 billion, a PE ratio of 9.05, a P/E/G ratio of 0.48 and a beta of 1.56. PennyMac Financial Services, Inc. has a fifty-two week low of $83.66 and a fifty-two week high of $160.36. The business has a 50 day moving average price of $112.89 and a two-hundred day moving average price of $121.16. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.32.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to analysts’ expectations of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.95 EPS. As a group, sell-side analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Monday, February 16th were issued a $0.30 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. PennyMac Financial Services’s payout ratio is currently 12.90%.

PennyMac Financial Services Profile

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.