TD Asset Management Inc Decreases Stake in PennyMac Financial Services, Inc. $PFSI

by · The Markets Daily

TD Asset Management Inc trimmed its position in PennyMac Financial Services, Inc. (NYSE:PFSI – Free Report) by 9.6% during the third quarter, Holdings Channel.com reports. The firm owned 61,396 shares of the real estate investment trust’s stock after selling 6,556 shares during the period. TD Asset Management Inc’s holdings in PennyMac Financial Services were worth $7,606,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alteri Wealth LLC purchased a new stake in PennyMac Financial Services during the 3rd quarter worth about $417,000. Citigroup Inc. lifted its stake in PennyMac Financial Services by 8.2% during the third quarter. Citigroup Inc. now owns 28,463 shares of the real estate investment trust’s stock worth $3,526,000 after purchasing an additional 2,159 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in PennyMac Financial Services by 4.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 20,573 shares of the real estate investment trust’s stock valued at $2,549,000 after purchasing an additional 820 shares in the last quarter. Bryce Point Capital LLC acquired a new stake in PennyMac Financial Services during the third quarter worth approximately $586,000. Finally, Optimize Financial Inc acquired a new position in shares of PennyMac Financial Services in the 3rd quarter valued at $476,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

PennyMac Financial Services Stock Down 1.8%

Shares of NYSE PFSI opened at $90.26 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.32. The stock has a market capitalization of $4.71 billion, a PE ratio of 9.70, a P/E/G ratio of 0.52 and a beta of 1.56. The firm has a fifty day moving average of $121.07 and a 200-day moving average of $122.49. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $160.36.

PennyMac Financial Services (NYSE:PFSI – Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The firm had revenue of $538.01 million for the quarter, compared to analysts’ expectations of $639.81 million. During the same period last year, the firm posted $1.95 EPS. PennyMac Financial Services’s revenue was up 14.4% on a year-over-year basis. On average, analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. PennyMac Financial Services’s dividend payout ratio is presently 12.90%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PFSI shares. Wall Street Zen lowered shares of PennyMac Financial Services from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Wells Fargo & Company cut their price objective on PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Jefferies Financial Group initiated coverage on PennyMac Financial Services in a report on Friday, December 19th. They issued a “buy” rating and a $160.00 price target on the stock. Piper Sandler cut their target price on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Finally, BTIG Research reiterated a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $139.71.

Read Our Latest Stock Report on PFSI

Insiders Place Their Bets

In related news, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $93.30, for a total transaction of $272,902.50. Following the completion of the sale, the chief financial officer directly owned 213,550 shares of the company’s stock, valued at approximately $19,924,215. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 10,000 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $94.50, for a total value of $945,000.00. Following the completion of the sale, the chief executive officer owned 90,604 shares of the company’s stock, valued at approximately $8,562,078. This trade represents a 9.94% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 36,308 shares of company stock worth $4,236,500. 15.80% of the stock is owned by company insiders.

About PennyMac Financial Services

(Free Report)

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.

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