Bank of New York Mellon Corp Increases Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Bank of New York Mellon Corp boosted its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 22.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 198,897 shares of the real estate investment trust's stock after buying an additional 36,800 shares during the period. Bank of New York Mellon Corp owned 0.39% of PennyMac Financial Services worth $20,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PFSI. FMR LLC lifted its holdings in shares of 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 during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of PennyMac Financial Services during the 3rd quarter valued at $24,644,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of PennyMac Financial Services during the 3rd quarter valued at $21,890,000. Lightrock Netherlands B.V. purchased a new stake in shares of PennyMac Financial Services during the 4th quarter valued at $9,006,000. Finally, State Street Corp lifted its holdings in shares of PennyMac Financial Services by 6.0% during the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 57.87% of the company's stock.

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Insider Activity at PennyMac Financial Services

In related news, insider James Follette sold 1,983 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $99.93, for a total value of $198,161.19. Following the completion of the transaction, the insider now directly owns 10,497 shares of the company's stock, valued at approximately $1,048,965.21. This represents a 15.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Spector sold 61,120 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $101.72, for a total value of $6,217,126.40. Following the completion of the transaction, the chief executive officer now directly owns 634,612 shares of the company's stock, valued at approximately $64,552,732.64. This represents a 8.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,697 shares of company stock valued at $15,327,924. 16.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PFSI shares. Keefe, Bruyette & Woods cut 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 report on Tuesday, December 10th. Piper Sandler cut their target price on PennyMac Financial Services from $132.00 to $130.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.17.

PennyMac Financial Services Stock Performance

PFSI traded up $2.48 during midday trading on Friday, hitting $97.11. 219,335 shares of the company were exchanged, compared to its average volume of 343,221. The company's 50 day simple moving average is $103.27 and its 200 day simple moving average is $105.08. The firm has a market capitalization of $4.99 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 0.19 and a beta of 1.90. The company has a current ratio of 0.26, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22. PennyMac Financial Services, Inc. has a 1-year low of $83.03 and a 1-year high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 earnings per share 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, sell-side analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, February 23rd. Stockholders of record on Thursday, February 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, February 13th. PennyMac Financial Services's payout ratio is currently 20.55%.

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.