Dakota Wealth Management Cuts Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Dakota Wealth Management lowered its stake in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 32.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,316 shares of the real estate investment trust's stock after selling 6,914 shares during the quarter. Dakota Wealth Management's holdings in PennyMac Financial Services were worth $1,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in PFSI. Norges Bank bought a new position in PennyMac Financial Services in the 4th quarter worth about $31,258,000. Boston Partners purchased a new stake in shares of PennyMac Financial Services in the 4th quarter valued at about $28,191,000. Dimensional Fund Advisors LP raised its holdings 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 valued at $237,851,000 after acquiring an additional 70,178 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of PennyMac Financial Services in the 1st quarter valued at about $6,182,000. Finally, Principal Financial Group Inc. raised its holdings in shares of PennyMac Financial Services by 45.6% in the 4th quarter. Principal Financial Group Inc. now owns 162,541 shares of the real estate investment trust's stock valued at $14,364,000 after acquiring an additional 50,877 shares in the last quarter. Institutional investors own 57.87% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PFSI. Piper Sandler raised their price target on PennyMac Financial Services from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Wedbush raised their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, July 24th. StockNews.com cut PennyMac Financial Services from a "hold" rating to a "sell" rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods cut PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price objective on the stock. in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating on the stock in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, PennyMac Financial Services currently has a consensus rating of "Hold" and an average target price of $107.17.

PennyMac Financial Services Stock Up 0.8 %

Shares of PFSI stock traded up $0.80 during mid-day trading on Wednesday, hitting $99.46. The company's stock had a trading volume of 217,467 shares, compared to its average volume of 246,874. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 0.65 and a beta of 1.72. 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, Inc. has a 52-week low of $62.15 and a 52-week high of $105.94. The business has a 50-day moving average price of $96.01 and a 200 day moving average price of $91.53.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $469.64 million. During the same period in the prior year, the firm posted $1.11 EPS. The business's revenue for the quarter was up 20.7% on a year-over-year basis. Research analysts predict that PennyMac Financial Services, Inc. will post 10.54 EPS for the current fiscal year.

PennyMac Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th will be given a dividend of $0.30 per share. 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 1.21%. PennyMac Financial Services's dividend payout ratio is 41.67%.

Insider Buying and Selling at PennyMac Financial Services

In other news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the sale, the chief executive officer now directly owns 220,604 shares in the company, valued at $20,308,804.24. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Joseph F. Mazzella sold 11,396 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total value of $1,115,896.32. Following the transaction, the director now owns 105,446 shares of the company's stock, valued at $10,325,272.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total value of $920,600.00. Following the completion of the transaction, the chief executive officer now directly owns 220,604 shares in the company, valued at approximately $20,308,804.24. The disclosure for this sale can be found here. Insiders have sold a total of 31,396 shares of company stock worth $2,942,096 over the last ninety days. Company insiders own 16.60% of the company's stock.

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.