Rubric Capital Management LP Buys Shares of 54,727 PennyMac Financial Services, Inc. $PFSI

Rubric Capital Management LP purchased a new stake in PennyMac Financial Services, Inc. (NYSE:PFSI) in the first quarter, HoldingsChannel reports. The firm purchased 54,727 shares of the real estate investment trust’s stock, valued at approximately $4,783,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of PennyMac Financial Services in the 4th quarter worth about $44,287,000. Two Sigma Investments LP increased its holdings in PennyMac Financial Services by 1,148.7% during the 3rd quarter. Two Sigma Investments LP now owns 310,919 shares of the real estate investment trust’s stock valued at $38,517,000 after acquiring an additional 286,019 shares in the last quarter. Holocene Advisors LP increased its holdings in PennyMac Financial Services by 2,379.5% during the 3rd quarter. Holocene Advisors LP now owns 245,268 shares of the real estate investment trust’s stock valued at $30,384,000 after acquiring an additional 235,376 shares in the last quarter. Invesco Ltd. raised its position in PennyMac Financial Services by 18.3% during the third quarter. Invesco Ltd. now owns 1,463,096 shares of the real estate investment trust’s stock worth $181,248,000 after acquiring an additional 226,581 shares during the last quarter. Finally, 140 Summer Partners LP raised its position in PennyMac Financial Services by 50.2% during the fourth quarter. 140 Summer Partners LP now owns 669,892 shares of the real estate investment trust’s stock worth $88,319,000 after acquiring an additional 223,752 shares during the last quarter. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insiders Place Their Bets

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 2,925 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $87.50, for a total value of $255,937.50. Following the transaction, the chief financial officer directly owned 210,625 shares of the company’s stock, valued at $18,429,687.50. This represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Gregory L. Hendry sold 2,177 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $86.89, for a total value of $189,159.53. Following the transaction, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,254,829.52. This trade represents a 4.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,045 shares of company stock worth $1,565,470 in the last three months. 15.80% of the stock is owned by insiders.

PennyMac Financial Services Stock Up 0.2%

Shares of PennyMac Financial Services stock opened at $84.52 on Tuesday. PennyMac Financial Services, Inc. has a 1-year low of $77.67 and a 1-year high of $160.36. The company has a market capitalization of $4.39 billion, a PE ratio of 8.98, a P/E/G ratio of 0.60 and a beta of 1.44. The company has a debt-to-equity ratio of 3.63, a current ratio of 0.33 and a quick ratio of 0.33. The business has a 50-day moving average of $83.49 and a 200-day moving average of $94.83.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.03). The business had revenue of $544.98 million during the quarter, compared to analyst estimates of $546.17 million. PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The company’s revenue was up 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.42 EPS. As a group, equities analysts forecast that PennyMac Financial Services, Inc. will post 9.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Monday, May 18th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, May 18th. This represents a $1.20 annualized dividend and a yield of 1.4%. PennyMac Financial Services’s payout ratio is currently 12.75%.

Wall Street Analysts Forecast Growth

PFSI has been the topic of several recent research reports. Stephens started coverage on shares of PennyMac Financial Services in a report on Friday, April 24th. They issued an “equal weight” rating and a $100.00 price target on the stock. Wall Street Zen raised shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods cut their price objective on PennyMac Financial Services from $115.00 to $108.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Zacks Research lowered PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research note on Friday, May 8th. Finally, Piper Sandler lowered their target price on PennyMac Financial Services from $112.00 to $106.00 and set an “overweight” rating on the stock in a report on Thursday, July 2nd. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $114.62.

About PennyMac Financial Services

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.