HighTower Advisors LLC Invests $702,000 in PennyMac Financial Services, Inc. (NYSE:PFSI)

HighTower Advisors LLC purchased a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,111 shares of the real estate investment trust's stock, valued at approximately $702,000.

Other large investors also recently modified their holdings of the company. KBC Group NV lifted its holdings in PennyMac Financial Services by 20.3% in the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust's stock valued at $153,000 after buying an additional 226 shares during the period. Blue Trust Inc. boosted its holdings in PennyMac Financial Services by 59.5% in the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 262 shares during the period. Quantbot Technologies LP grew its position in PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust's stock worth $173,000 after acquiring an additional 290 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of PennyMac Financial Services during the third quarter worth approximately $37,000. Finally, Arizona State Retirement System grew its holdings in PennyMac Financial Services by 2.9% in the 2nd 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 during the last quarter. 57.87% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Stanley Perotti sold 10,500 shares of the business's stock in a transaction dated 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 owns 235,997 shares in the company, valued at approximately $26,651,141.21. The trade was a 4.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Spector sold 10,000 shares of the firm's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $107.57, for a total value 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 $20,503,272.28. This trade represents a 4.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,032 shares of company stock valued at $5,721,112 in the last ninety days. Company insiders own 16.60% of the company's stock.

PennyMac Financial Services Trading Up 0.5 %

Shares of PFSI traded up $0.50 on Thursday, reaching $100.10. 447,984 shares of the company's stock were exchanged, compared to its average volume of 256,659. 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 12 month low of $81.93 and a 12 month high of $119.13. The business has a 50 day moving average price of $104.51 and a two-hundred day moving average price of $101.94. The stock has a market capitalization of $5.13 billion, a P/E ratio of 31.78 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (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 firm had revenue of $411.83 million during the quarter, compared to analyst estimates of $513.12 million. During the same period in the previous year, the company earned $1.77 EPS. PennyMac Financial Services's revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were given a dividend of $0.30 per share. The ex-dividend date was Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.20%. PennyMac Financial Services's payout ratio is 38.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PFSI shares. Piper Sandler raised their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods reduced their price target 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. Wells Fargo & Company boosted their price target 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. Barclays raised their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Finally, Wedbush reaffirmed an "outperform" rating and set a $130.00 target price on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.50.

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.