Massachusetts Financial Services Co. MA Takes $24.64 Million Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Massachusetts Financial Services Co. MA acquired a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 216,228 shares of the real estate investment trust's stock, valued at approximately $24,644,000. Massachusetts Financial Services Co. MA owned approximately 0.42% of PennyMac Financial Services as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its stake in PennyMac Financial Services by 29.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust's stock worth $45,000 after purchasing an additional 109 shares during the last quarter. KBC Group NV grew its stake in shares of PennyMac Financial Services by 20.3% in the 3rd 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. lifted its holdings in PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 262 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in PennyMac Financial Services in the third quarter worth approximately $37,000. Finally, Arizona State Retirement System lifted its stake in PennyMac Financial Services by 2.9% during the second quarter. Arizona State Retirement System now owns 11,999 shares of the real estate investment trust's stock worth $1,135,000 after purchasing an additional 336 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company's stock.

Wall Street Analyst Weigh In

PFSI has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Wedbush reiterated an "outperform" rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Piper Sandler upped their target price on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Finally, Barclays upped their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $115.86.

Insider Transactions at PennyMac Financial Services

In related news, CAO Gregory L. Hendry sold 3,032 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $102.09, for a total value of $309,536.88. Following the transaction, the chief accounting officer now owns 48,040 shares in the company, valued at approximately $4,904,403.60. This trade represents a 5.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $116.79, for a total transaction of $1,167,900.00. Following the completion of the transaction, the chief executive officer now owns 200,604 shares in the company, valued at $23,428,541.16. The trade was a 4.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,162 shares of company stock worth $7,491,026 in the last three months. Company insiders own 16.60% of the company's stock.

PennyMac Financial Services Price Performance

Shares of PFSI traded down $1.43 during trading hours on Tuesday, reaching $106.36. The company had a trading volume of 210,519 shares, compared to its average volume of 259,158. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 33.69 and a beta of 1.79. PennyMac Financial Services, Inc. has a 12-month low of $76.57 and a 12-month high of $119.13. The firm has a 50 day simple moving average of $106.59 and a 200-day simple moving average of $100.39. 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 (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($1.62). The firm had revenue of $411.83 million for the quarter, compared to analyst estimates of $513.12 million. PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. PennyMac Financial Services's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.77 earnings per share. Research analysts expect that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be issued a dividend of $0.30 per share. 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 currently 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.