Assenagon Asset Management S.A. Sells 18,349 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Assenagon Asset Management S.A. reduced its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 46.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,373 shares of the real estate investment trust's stock after selling 18,349 shares during the period. Assenagon Asset Management S.A.'s holdings in PennyMac Financial Services were worth $2,436,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Edgestream Partners L.P. boosted its stake in shares of PennyMac Financial Services by 256.9% during the 2nd quarter. Edgestream Partners L.P. now owns 84,861 shares of the real estate investment trust's stock worth $8,028,000 after acquiring an additional 61,087 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of PennyMac Financial Services by 13.2% during the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust's stock valued at $32,919,000 after purchasing an additional 40,676 shares during the last quarter. EMG Holdings L.P. boosted its position in shares of PennyMac Financial Services by 107.4% in the 2nd quarter. EMG Holdings L.P. now owns 64,451 shares of the real estate investment trust's stock valued at $6,097,000 after purchasing an additional 33,370 shares during the period. Quantbot Technologies LP purchased a new position in PennyMac Financial Services in the 1st quarter worth about $2,570,000. Finally, Denali Advisors LLC raised its holdings in PennyMac Financial Services by 63.0% during the 2nd quarter. Denali Advisors LLC now owns 67,800 shares of the real estate investment trust's stock worth $6,414,000 after buying an additional 26,200 shares during the period. 57.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PFSI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 target price for the company. in a report on Monday, July 22nd. Wedbush reaffirmed an "outperform" rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Piper Sandler raised their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Finally, Barclays upped their price target on PennyMac Financial Services from $112.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. One investment 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. Based on data from MarketBeat, PennyMac Financial Services currently has a consensus rating of "Moderate Buy" and an average target price of $115.86.

Insider Buying and Selling

In other news, Director Anne Mccallion sold 23,829 shares of the firm's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $103.14, for a total value of $2,457,723.06. Following the sale, the director now owns 1,854 shares in the company, valued at approximately $191,221.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the firm's stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $112.93, for a total value of $1,185,765.00. Following the completion of the transaction, the chief financial officer now directly owns 235,997 shares of the company's stock, valued at $26,651,141.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anne Mccallion sold 23,829 shares of the business's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the completion of the sale, the director now directly owns 1,854 shares in the company, valued at $191,221.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 89,855 shares of company stock valued at $9,647,599. Company insiders own 16.60% of the company's stock.

PennyMac Financial Services Stock Down 0.3 %

PennyMac Financial Services stock traded down $0.29 during mid-day trading on Friday, hitting $99.39. 269,530 shares of the company's stock were exchanged, compared to its average volume of 256,397. PennyMac Financial Services, Inc. has a 1-year low of $69.82 and a 1-year high of $119.13. The stock has a 50 day moving average of $107.96 and a two-hundred day moving average of $98.53. The company has a current ratio of 0.38, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75. The stock has a market cap of $5.09 billion, a P/E ratio of 31.64, a P/E/G ratio of 0.58 and a beta of 1.77.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $2.92 by ($1.62). The company had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm's revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.77 earnings per share. As a group, analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Monday, November 18th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, November 18th. PennyMac Financial Services's payout ratio is 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.