TD Asset Management Inc Grows Stake in PennyMac Financial Services, Inc. $PFSI

TD Asset Management Inc grew its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 10.5% in the second quarter, Holdings Channel reports. The firm owned 67,952 shares of the real estate investment trust’s stock after purchasing an additional 6,458 shares during the period. TD Asset Management Inc’s holdings in PennyMac Financial Services were worth $6,771,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 113 shares during the last quarter. Strs Ohio bought a new stake in shares of PennyMac Financial Services during the 1st quarter worth $30,000. Xponance Inc. bought a new stake in shares of PennyMac Financial Services during the 1st quarter worth $202,000. Hohimer Wealth Management LLC lifted its holdings in shares of PennyMac Financial Services by 5.4% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,351 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 121 shares during the last quarter. Finally, AlphaQuest LLC lifted its holdings in shares of PennyMac Financial Services by 4.4% during the 1st quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust’s stock worth $259,000 after acquiring an additional 110 shares during the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PFSI. Wall Street Zen raised shares of PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Monday, September 29th. Wells Fargo & Company began coverage on shares of PennyMac Financial Services in a report on Monday, August 25th. They set an “overweight” rating and a $115.00 price objective for the company. Zacks Research raised shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. UBS Group boosted their price target on shares of PennyMac Financial Services from $110.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of PennyMac Financial Services in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, PennyMac Financial Services presently has an average rating of “Moderate Buy” and an average price target of $130.17.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $119.98 on Monday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.03. The company has a market capitalization of $6.20 billion, a PE ratio of 16.64 and a beta of 1.59. The firm has a fifty day simple moving average of $116.40 and a two-hundred day simple moving average of $103.94. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $130.02.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $3.01 by ($1.99). The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.18%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company posted $1.85 earnings per share. Research analysts expect that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

Insider Activity

In other news, CEO David Spector sold 5,000 shares of the company’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $118.42, for a total transaction of $592,100.00. Following the completion of the transaction, the chief executive officer directly owned 120,604 shares of the company’s stock, valued at approximately $14,281,925.68. This represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Derek Stark sold 4,750 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $109.56, for a total transaction of $520,410.00. Following the transaction, the insider directly owned 20,621 shares of the company’s stock, valued at approximately $2,259,236.76. This trade represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 35,632 shares of company stock valued at $3,998,816. 15.80% of the stock is currently owned by insiders.

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.