QRG Capital Management Inc. Sells 16,897 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

QRG Capital Management Inc. reduced its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 48.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,003 shares of the real estate investment trust's stock after selling 16,897 shares during the quarter. QRG Capital Management Inc.'s holdings in PennyMac Financial Services were worth $2,052,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PFSI. Harbor Capital Advisors Inc. bought a new stake in shares of PennyMac Financial Services in the third quarter worth about $37,000. Blue Trust Inc. increased its stake in shares of PennyMac Financial Services by 1,529.6% during the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 413 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of PennyMac Financial Services by 29.6% during the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 109 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of PennyMac Financial Services during the first quarter valued at approximately $202,000. Finally, nVerses Capital LLC purchased a new stake in PennyMac Financial Services in the third quarter worth $285,000. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PFSI has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an "outperform" rating to a "market perform" rating and set a $102.00 price objective for the company. in a report on Monday, July 22nd. Piper Sandler upped their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. Barclays raised their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $130.00 price target on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $115.86.

Insider Activity

In related news, insider Steven Richard Bailey sold 14,130 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 14,670 shares of the company's stock, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other PennyMac Financial Services news, insider Steven Richard Bailey sold 14,130 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the transaction, the insider now owns 14,670 shares in the company, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $107.57, for a total transaction of $1,075,700.00. Following the completion of the sale, the chief executive officer now owns 190,604 shares of the company's stock, valued at $20,503,272.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 89,855 shares of company stock worth $9,647,599 over the last 90 days. 16.60% of the stock is currently owned by insiders.

PennyMac Financial Services Stock Up 1.6 %

PFSI stock traded up $1.64 on Friday, reaching $105.27. 281,514 shares of the company traded hands, compared to its average volume of 258,737. The firm has a fifty day simple moving average of $107.78 and a 200-day simple moving average of $99.04. The company has a market cap of $5.40 billion, a P/E ratio of 33.42 and a beta of 1.79. PennyMac Financial Services, Inc. has a one year low of $70.29 and a one year high of $119.13. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($1.62). The company had revenue of $411.83 million for 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%. PennyMac Financial Services's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 earnings per share. Research analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently announced 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. The ex-dividend date is Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.14%. PennyMac Financial Services's dividend payout ratio is presently 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.