PennyMac Financial Services, Inc. (NYSE:PFSI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 10.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,578 shares of the real estate investment trust's stock after selling 16,226 shares during the quarter. Principal Financial Group Inc. owned about 0.27% of PennyMac Financial Services worth $15,566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PFSI. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services in the third quarter valued at about $37,000. Blue Trust Inc. boosted its position in shares of PennyMac Financial Services by 59.5% during the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust's stock worth $80,000 after buying an additional 262 shares during the period. nVerses Capital LLC acquired a new position in PennyMac Financial Services in the 3rd quarter valued at about $285,000. Creative Planning grew its holdings in shares of PennyMac Financial Services by 17.7% in the third quarter. Creative Planning now owns 5,856 shares of the real estate investment trust's stock valued at $667,000 after purchasing an additional 879 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of PennyMac Financial Services by 291.8% during the third quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust's stock worth $1,357,000 after acquiring an additional 8,871 shares during the period. 57.87% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Financial Services Stock Up 1.3 %

Shares of NYSE:PFSI opened at $102.52 on Friday. PennyMac Financial Services, Inc. has a fifty-two week low of $74.69 and a fifty-two week high of $119.13. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. The firm's 50-day simple moving average is $107.35 and its 200-day simple moving average is $99.65. The company has a market cap of $5.26 billion, a price-to-earnings ratio of 32.55 and a beta of 1.79.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced 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 business had revenue of $411.83 million during the quarter, compared to analysts' expectations of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. PennyMac Financial Services's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.77 EPS. As a group, equities research analysts predict that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, November 18th. PennyMac Financial Services's dividend payout ratio (DPR) is currently 38.10%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods lowered 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. Wells Fargo & Company lifted 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 shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Piper Sandler upped 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. Finally, Wedbush reissued an "outperform" rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.86.

Insider Buying and Selling at PennyMac Financial Services

In other news, insider Steven Richard Bailey sold 14,130 shares of the firm's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares in the company, valued at $1,714,629.60. This trade represents a 49.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David Spector sold 10,000 shares of the business's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the completion of the sale, the chief executive officer now owns 180,604 shares in the company, valued at $18,970,644.16. This represents a 5.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,459 shares of company stock valued at $9,582,102. 16.60% of the stock is owned by company insiders.

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.