Cibc World Markets Corp Makes New Investment in PennyMac Financial Services, Inc. (NYSE:PFSI)

Cibc World Markets Corp purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,501 shares of the real estate investment trust’s stock, valued at approximately $255,000.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in PennyMac Financial Services by 231.9% during the 3rd quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock valued at $133,003,000 after purchasing an additional 815,389 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of PennyMac Financial Services in the 3rd quarter valued at approximately $24,644,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of PennyMac Financial Services in the third quarter valued at $21,890,000. Lightrock Netherlands B.V. acquired a new stake in PennyMac Financial Services during the 4th quarter worth about $9,006,000. Finally, State Street Corp grew its position in PennyMac Financial Services by 6.0% during the third quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock valued at $103,911,000 after purchasing an additional 51,777 shares in the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Price Performance

NYSE:PFSI opened at $102.59 on Wednesday. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 0.19 and a beta of 1.90. The company has a 50-day moving average of $103.31 and a 200-day moving average of $104.68. PennyMac Financial Services, Inc. has a 52 week low of $83.03 and a 52 week high of $119.13. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a return on equity of 16.61% and a net margin of 19.54%. As a group, equities research analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, February 23rd. Shareholders of record on Thursday, February 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.17%. The ex-dividend date was Thursday, February 13th. PennyMac Financial Services’s dividend payout ratio is 20.55%.

Insider Activity at PennyMac Financial Services

In related news, CRO Abbie Tidmore sold 2,669 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $102.55, for a total value of $273,705.95. Following the completion of the sale, the executive now owns 4,878 shares in the company, valued at approximately $500,238.90. This represents a 35.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Doug Jones sold 7,882 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $103.16, for a total transaction of $813,107.12. Following the completion of the sale, the director now owns 450,000 shares in the company, valued at $46,422,000. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,936 shares of company stock worth $5,291,493 over the last 90 days. Insiders own 16.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PFSI. 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 research note on Tuesday, December 10th. Piper Sandler cut their price objective on PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of “Moderate Buy” and a consensus price target of $122.17.

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.