State of New Jersey Common Pension Fund D Cuts Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

State of New Jersey Common Pension Fund D decreased its position in PennyMac Financial Services, Inc. (NYSE:PFSI) by 11.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,251 shares of the real estate investment trust’s stock after selling 2,504 shares during the period. State of New Jersey Common Pension Fund D’s holdings in PennyMac Financial Services were worth $2,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Hexagon Capital Partners LLC boosted its holdings in PennyMac Financial Services by 29.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 109 shares in the last quarter. Blue Trust Inc. grew its holdings in PennyMac Financial Services by 59.5% during the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 262 shares during the period. Harbor Capital Advisors Inc. purchased a new position in PennyMac Financial Services in the third quarter worth $37,000. Arizona State Retirement System raised its position in PennyMac Financial Services by 2.9% in the second quarter. Arizona State Retirement System now owns 11,999 shares of the real estate investment trust’s stock worth $1,135,000 after acquiring an additional 336 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in PennyMac Financial Services by 8.5% in the first quarter. ProShare Advisors LLC now owns 4,587 shares of the real estate investment trust’s stock valued at $418,000 after acquiring an additional 361 shares during the period. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $112.93, for a total value of $1,185,765.00. Following the completion of the sale, the chief financial officer now directly owns 235,997 shares in the company, valued at approximately $26,651,141.21. The trade was a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anne Mccallion sold 23,829 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the transaction, the director now directly owns 1,854 shares in the company, valued at approximately $191,221.56. This represents a 92.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,459 shares of company stock worth $9,582,102 over the last quarter. 16.60% of the stock is currently owned by insiders.

PennyMac Financial Services Stock Down 1.4 %

Shares of NYSE:PFSI opened at $101.26 on Friday. The company has a market capitalization of $5.19 billion, a P/E ratio of 32.15 and a beta of 1.79. The stock’s fifty day simple moving average is $107.43 and its 200-day simple moving average is $99.54. PennyMac Financial Services, Inc. has a 52-week low of $74.69 and a 52-week high of $119.13. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($1.62). The firm had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. PennyMac Financial Services’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.77 earnings per share. As a group, equities research analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Monday, November 18th. PennyMac Financial Services’s dividend payout ratio is presently 38.10%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PFSI shares. Wedbush reiterated an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods downgraded shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target for the company. in a research report on Monday, July 22nd. Wells Fargo & Company upped their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Piper Sandler lifted their price objective on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Barclays upped their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.86.

PennyMac Financial Services 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.