HighTower Advisors LLC Acquires New Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

HighTower Advisors LLC bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the third quarter, Holdings Channel reports. The fund bought 6,111 shares of the real estate investment trust’s stock, valued at approximately $702,000.

Other large investors have also recently bought and sold shares of the company. SG Americas Securities LLC increased its stake in shares of PennyMac Financial Services by 36.9% during the second quarter. SG Americas Securities LLC now owns 3,040 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 820 shares during the period. Blue Trust Inc. boosted its stake in PennyMac Financial Services by 1,529.6% during the 2nd quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 413 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of PennyMac Financial Services by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock valued at $17,240,000 after purchasing an additional 4,930 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of PennyMac Financial Services by 10.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,554 shares of the real estate investment trust’s stock worth $904,000 after buying an additional 935 shares in the last quarter. Finally, Picton Mahoney Asset Management lifted its holdings in shares of PennyMac Financial Services by 25.3% in the second quarter. Picton Mahoney Asset Management now owns 59,293 shares of the real estate investment trust’s stock valued at $5,609,000 after buying an additional 11,964 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

PFSI has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lowered their target price on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a report on Tuesday, December 10th. Barclays lifted their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Wells Fargo & Company increased their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Wedbush restated an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Finally, Piper Sandler upped their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.50.

Insider Activity

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $105.04, for a total value of $1,050,400.00. Following the completion of the sale, the chief executive officer now owns 180,604 shares in the company, valued at $18,970,644.16. This represents a 5.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the transaction, the chief financial officer now owns 235,997 shares in the company, valued at approximately $26,651,141.21. This represents a 4.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,032 shares of company stock worth $5,721,112. 16.60% of the stock is owned by corporate insiders.

PennyMac Financial Services Price Performance

PFSI stock opened at $99.60 on Thursday. The firm has a 50-day moving average of $104.51 and a two-hundred day moving average of $101.94. The firm has a market capitalization of $5.11 billion, a PE ratio of 31.62 and a beta of 1.78. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. PennyMac Financial Services, Inc. has a one year low of $81.93 and a one year high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm had revenue of $411.83 million during the quarter, compared to analysts’ expectations of $513.12 million. During the same quarter last year, the company posted $1.77 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. On average, analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th were given a $0.30 dividend. The ex-dividend date was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 38.10%.

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.