JPMorgan Chase & Co. Sells 74,881 Shares of PennyMac Financial Services, Inc. $PFSI

JPMorgan Chase & Co. lowered its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 10.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 quarter.

Other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of PennyMac Financial Services by 3.8% in the first quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust’s stock valued at $2,404,000 after acquiring an additional 875 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in PennyMac Financial Services by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust’s stock valued at $1,594,000 after purchasing an additional 706 shares during the period. Intech Investment Management LLC grew its position in PennyMac Financial Services by 5.8% in the 1st quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust’s stock worth $1,540,000 after purchasing an additional 840 shares during the last quarter. Strs Ohio bought a new position in shares of PennyMac Financial Services during the 1st quarter worth about $30,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of PennyMac Financial Services by 1.4% during the second quarter. State of New Jersey Common Pension Fund D now owns 19,753 shares of the real estate investment trust’s stock valued at $1,968,000 after buying an additional 281 shares during the last quarter. 57.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PFSI. Barclays reduced their target price on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Wells Fargo & Company reduced their price objective on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, January 30th. 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. Piper Sandler lowered their target price on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Finally, Keefe, Bruyette & Woods cut their price target on shares of PennyMac Financial Services from $143.00 to $115.00 and set a “market perform” rating for the company in a research note on Monday, February 2nd. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $139.71.

Insider Buying and Selling

In related news, Director Patrick Kinsella bought 2,250 shares of the business’s stock in a transaction on Thursday, February 12th. The shares were purchased at an average price of $89.15 per share, with a total value of $200,587.50. Following the completion of the purchase, the director owned 34,210 shares of the company’s stock, valued at $3,049,821.50. This represents a 7.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction that occurred 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 owned 213,550 shares in the company, valued at $19,924,215. This represents a 1.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 34,405 shares of company stock worth $4,062,376. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $90.40 on Tuesday. The firm has a 50 day simple moving average of $125.12 and a 200 day simple moving average of $122.91. The firm has a market cap of $4.70 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.52 and a beta of 1.55. PennyMac Financial Services, Inc. has a fifty-two week low of $85.74 and a fifty-two week high of $160.36. The company has a debt-to-equity ratio of 3.01, a current ratio of 0.36 and a quick ratio of 0.36.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.23 by ($1.26). PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.36%. The firm had revenue of $538.01 million for the quarter, compared to analyst estimates of $639.81 million. During the same period last year, the company earned $1.95 EPS. The company’s revenue was up 14.4% compared to the same quarter last year. Sell-side analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

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

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.