Assenagon Asset Management S.A. Cuts Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Assenagon Asset Management S.A. lowered its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 41.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,722 shares of the real estate investment trust's stock after selling 28,144 shares during the period. Assenagon Asset Management S.A. owned 0.08% of PennyMac Financial Services worth $3,758,000 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. Dimensional Fund Advisors LP grew its position in shares of PennyMac Financial Services by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,691,512 shares of the real estate investment trust's stock worth $237,851,000 after buying an additional 70,178 shares during the last quarter. Vanguard Group Inc. grew its holdings in PennyMac Financial Services by 0.3% in the first quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust's stock worth $238,509,000 after purchasing an additional 8,345 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PennyMac Financial Services by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust's stock worth $35,060,000 after purchasing an additional 3,947 shares in the last quarter. Norges Bank purchased a new stake in shares of PennyMac Financial Services during the 4th quarter valued at $31,258,000. Finally, Boston Partners acquired a new stake in shares of PennyMac Financial Services in the 4th quarter worth $28,191,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

Insiders Place Their Bets

In other news, Director Doug Jones sold 30,000 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total transaction of $2,744,700.00. Following the completion of the transaction, the director now directly owns 480,000 shares of the company's stock, valued at approximately $43,915,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $90.56, for a total transaction of $905,600.00. Following the transaction, the chief executive officer now owns 230,604 shares in the company, valued at $20,883,498.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Doug Jones sold 30,000 shares of the business's stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total value of $2,744,700.00. Following the completion of the sale, the director now owns 480,000 shares of the company's stock, valued at $43,915,200. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,396 shares of company stock worth $5,686,796. Corporate insiders own 16.60% of the company's stock.

Analysts Set New Price Targets

PFSI has been the topic of several recent analyst reports. Piper Sandler upped their target price on PennyMac Financial Services from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating for the company in a research report on Thursday, April 25th. StockNews.com downgraded shares of PennyMac Financial Services from a "hold" rating to a "sell" rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price target for the company. in a report on Monday, July 22nd. Finally, Wedbush upped their target price on PennyMac Financial Services from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $107.17.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock traded down $0.43 during trading on Tuesday, hitting $98.65. 133,343 shares of the company's stock were exchanged, compared to its average volume of 247,058. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 0.65 and a beta of 1.72. The business has a 50-day simple moving average of $96.01 and a 200-day simple moving average of $91.53. PennyMac Financial Services, Inc. has a 52-week low of $62.15 and a 52-week high of $105.94. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.37 and a current ratio of 0.37.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing analysts' consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The company had revenue of $406.13 million for the quarter, compared to analysts' expectations of $469.64 million. During the same quarter in the previous year, the business posted $1.11 EPS. The business's quarterly revenue was up 20.7% on a year-over-year basis. On average, research analysts forecast that PennyMac Financial Services, Inc. will post 10.54 EPS for the current year.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This is an increase from PennyMac Financial Services's previous quarterly dividend of $0.20. This represents a $1.20 dividend on an annualized basis and a yield of 1.22%. PennyMac Financial Services's payout ratio is presently 41.67%.

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.