Legal & General Group Plc Takes $2.25 Million Position in PennyMac Financial Services, Inc. $PFSI

Legal & General Group Plc bought a new position in PennyMac Financial Services, Inc. (NYSE:PFSI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 25,837 shares of the real estate investment trust’s stock, valued at approximately $2,250,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of PennyMac Financial Services during the second quarter worth $25,000. EverSource Wealth Advisors LLC bought a new stake in PennyMac Financial Services in the 2nd quarter valued at $26,000. Caitong International Asset Management Co. Ltd lifted its stake in PennyMac Financial Services by 7,600.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 228 shares in the last quarter. Strs Ohio purchased a new stake in PennyMac Financial Services in the 1st quarter worth $30,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of PennyMac Financial Services during the 4th quarter valued at about $31,000. Institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Stock Up 0.1%

Shares of NYSE PFSI opened at $73.29 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22. PennyMac Financial Services, Inc. has a 12-month low of $70.67 and a 12-month high of $160.36. The firm’s 50-day moving average price is $79.32 and its 200-day moving average price is $84.63. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 0.69 and a beta of 1.44.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.During the same period in the previous year, the business posted $2.54 earnings per share. PennyMac Financial Services’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities research analysts anticipate that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, August 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 16.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Financial Services in a report on Monday, August 3rd. Wells Fargo & Company cut their price target on PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Barclays reduced their price objective on PennyMac Financial Services from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Wall Street Zen cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, BTIG Research lowered their target price on PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.88.

Insider Activity at PennyMac Financial Services

In other news, CAO Gregory Hendry sold 2,943 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $81.71, for a total transaction of $240,472.53. Following the transaction, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,001,175.28. The trade was a 5.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.20% of the company’s stock.

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.