PennyMac Financial Services, Inc. $PFSI Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 647,878 shares of the real estate investment trust’s stock after selling 74,881 shares during the quarter. JPMorgan Chase & Co. owned 1.25% of PennyMac Financial Services worth $80,259,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PFSI. EverSource Wealth Advisors LLC acquired a new stake in shares of PennyMac Financial Services during the 2nd quarter worth approximately $26,000. Strs Ohio acquired a new position in shares of PennyMac Financial Services in the 1st quarter valued at $30,000. Harbor Capital Advisors Inc. lifted its stake in shares of PennyMac Financial Services by 26.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 105 shares during the period. CWM LLC boosted its holdings in PennyMac Financial Services by 92.7% during the third quarter. CWM LLC now owns 555 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 267 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in PennyMac Financial Services by 95.5% during the third quarter. Covestor Ltd now owns 567 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 277 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

PennyMac Financial Services Trading Down 0.2%

PFSI stock opened at $87.18 on Thursday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.32. PennyMac Financial Services, Inc. has a 12-month low of $83.66 and a 12-month high of $160.36. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 9.37, a PEG ratio of 0.50 and a beta of 1.56. The business’s 50-day moving average is $110.01 and its 200 day moving average is $120.69.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). The firm had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. PennyMac Financial Services’s revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.95 EPS. On average, sell-side analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Monday, February 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, February 13th. PennyMac Financial Services’s payout ratio is presently 12.90%.

Insider Transactions at PennyMac Financial Services

In other news, Director Patrick Kinsella acquired 2,250 shares of the firm’s stock in a transaction on Thursday, February 12th. The shares were bought at an average price of $89.15 per share, for a total transaction of $200,587.50. Following the acquisition, the director owned 34,210 shares of the company’s stock, valued at approximately $3,049,821.50. This trade represents a 7.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David Spector sold 12,436 shares of PennyMac Financial Services stock in a transaction on Friday, March 6th. The stock was sold at an average price of $86.39, for a total transaction of $1,074,346.04. Following the sale, the chief executive officer directly owned 529,401 shares in the company, valued at approximately $45,734,952.39. This trade represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,280 shares of company stock valued at $5,154,453 in the last 90 days. 15.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Zacks Research cut shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Wall Street Zen lowered shares of PennyMac Financial Services from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Jefferies Financial Group assumed coverage on PennyMac Financial Services in a research report on Friday, December 19th. They set a “buy” rating and a $160.00 target price on the stock. BTIG Research restated a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Finally, Barclays dropped their price objective on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $139.71.

PennyMac Financial Services Profile

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.