Summit Global Investments Invests $605,000 in PennyMac Financial Services, Inc. (NYSE:PFSI)

Summit Global Investments bought a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,305 shares of the real estate investment trust's stock, valued at approximately $605,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in PennyMac Financial Services by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust's stock worth $238,509,000 after buying an additional 8,345 shares during the period. American Century Companies Inc. increased its position in shares of PennyMac Financial Services by 13.2% during the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust's stock worth $32,919,000 after buying an additional 40,676 shares during the period. Bank of New York Mellon Corp increased its position in shares of PennyMac Financial Services by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust's stock worth $17,240,000 after buying an additional 4,930 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in PennyMac Financial Services by 0.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 139,882 shares of the real estate investment trust's stock worth $12,742,000 after buying an additional 1,190 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its position in PennyMac Financial Services by 256.9% during the second quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust's stock valued at $8,028,000 after acquiring an additional 61,087 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PFSI has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. Wedbush restated an "outperform" rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Barclays lifted their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Piper Sandler increased their price target 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, Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price objective for the company. in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $115.86.

Insider Activity

In related news, Director Joseph F. Mazzella sold 11,396 shares of the company's stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the sale, the director now directly owns 105,446 shares in the company, valued at approximately $10,325,272.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO David Spector sold 10,000 shares of the business's stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $107.57, for a total transaction of $1,075,700.00. Following the completion of the transaction, the chief executive officer now owns 190,604 shares of the company's stock, valued at approximately $20,503,272.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph F. Mazzella sold 11,396 shares of the company's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the completion of the transaction, the director now owns 105,446 shares in the company, valued at approximately $10,325,272.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 89,855 shares of company stock valued at $9,647,599 in the last 90 days. Insiders own 16.60% of the company's stock.

PennyMac Financial Services Stock Performance

Shares of PFSI traded up $0.79 on Monday, reaching $106.06. 58,629 shares of the company's stock traded hands, compared to its average volume of 257,819. The stock's 50 day simple moving average is $107.72 and its two-hundred day simple moving average is $99.24. 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 52-week low of $71.40 and a 52-week high of $119.13. The stock has a market cap of $5.44 billion, a PE ratio of 33.42 and a beta of 1.79.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts' consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The business had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. During the same quarter in the previous year, the firm earned $1.77 earnings per share. The company's revenue for the quarter was up 2.9% on a year-over-year basis. On average, 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be paid a $0.30 dividend. The ex-dividend date is Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.13%. PennyMac Financial Services's payout ratio is presently 38.10%.

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.