Northern Trust Corp Sells 84,581 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Northern Trust Corp reduced its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 22.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 287,740 shares of the real estate investment trust’s stock after selling 84,581 shares during the quarter. Northern Trust Corp owned approximately 0.56% of PennyMac Financial Services worth $29,390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Summit Investment Advisors Inc. grew its position in PennyMac Financial Services by 5.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,797 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 154 shares in the last quarter. KBC Group NV grew its holdings in shares of PennyMac Financial Services by 15.6% in the 4th quarter. KBC Group NV now owns 1,549 shares of the real estate investment trust’s stock valued at $158,000 after acquiring an additional 209 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of PennyMac Financial Services by 601.8% in the fourth quarter. Sterling Capital Management LLC now owns 400 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 343 shares during the last quarter. Dakota Wealth Management raised its holdings in PennyMac Financial Services by 2.6% during the fourth quarter. Dakota Wealth Management now owns 14,578 shares of the real estate investment trust’s stock worth $1,489,000 after acquiring an additional 374 shares in the last quarter. Finally, TD Waterhouse Canada Inc. acquired a new position in PennyMac Financial Services during the fourth quarter valued at approximately $39,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Piper Sandler dropped their price objective on PennyMac Financial Services from $130.00 to $128.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods upgraded shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 price target for the company in a research note on Tuesday, April 8th. UBS Group decreased their price objective on shares of PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their target price on shares of PennyMac Financial Services from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.17.

PennyMac Financial Services Stock Performance

NYSE PFSI opened at $97.67 on Friday. The stock has a market cap of $5.02 billion, a PE ratio of 16.72, a P/E/G ratio of 0.19 and a beta of 1.60. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26. The firm has a 50-day moving average of $97.70 and a 200-day moving average of $101.58. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.42 EPS for the quarter, missing the consensus estimate of $2.99 by ($1.57). The firm had revenue of $430.90 million during the quarter, compared to analyst estimates of $520.42 million. PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. During the same period in the previous year, the company posted $0.74 EPS. On average, sell-side 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 announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Wednesday, May 14th will be given a $0.30 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.23%. PennyMac Financial Services’s payout ratio is presently 18.40%.

Insider Activity at PennyMac Financial Services

In other news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $101.49, for a total transaction of $1,065,645.00. Following the sale, the chief financial officer now directly owns 214,997 shares of the company’s stock, valued at approximately $21,820,045.53. This represents a 4.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph F. Mazzella sold 11,000 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $98.23, for a total value of $1,080,530.00. Following the completion of the transaction, the director now directly owns 92,863 shares of the company’s stock, valued at approximately $9,121,932.49. This trade represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,464 shares of company stock worth $5,621,397. Corporate insiders own 16.60% of the company’s stock.

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.