Cannon Global Investment Management LLC Boosts Holdings in PennyMac Financial Services, Inc. (NYSE:PFSI)

Cannon Global Investment Management LLC lifted its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 100.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,800 shares of the real estate investment trust’s stock after buying an additional 2,400 shares during the quarter. Cannon Global Investment Management LLC’s holdings in PennyMac Financial Services were worth $490,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PFSI. Parkside Financial Bank & Trust lifted its stake in PennyMac Financial Services by 54.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,100 shares of the real estate investment trust’s stock worth $112,000 after purchasing an additional 389 shares in the last quarter. KBC Group NV lifted its stake in 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 worth $158,000 after purchasing an additional 209 shares in the last quarter. Quantbot Technologies LP lifted its position in shares of PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 290 shares in the last quarter. Verition Fund Management LLC purchased a new stake in PennyMac Financial Services during the third quarter valued at $203,000. Finally, Hohimer Wealth Management LLC purchased a new stake in shares of PennyMac Financial Services during the 3rd quarter valued at about $236,000. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Insider Activity

In other news, Director Doug Jones sold 23,229 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $101.51, for a total value of $2,357,975.79. Following the transaction, the director now owns 23,892 shares of the company’s stock, valued at $2,425,276.92. The trade was a 49.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Follette sold 1,983 shares of PennyMac Financial Services stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $99.93, for a total transaction of $198,161.19. Following the completion of the transaction, the insider now directly owns 10,497 shares in the company, valued at $1,048,965.21. This represents a 15.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,496 shares of company stock worth $7,375,763. 16.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PFSI shares. Keefe, Bruyette & Woods decreased their price target on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a report on Tuesday, December 10th. Piper Sandler reduced their price objective on shares of PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.17.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $101.18 on Monday. The firm has a market cap of $5.20 billion, a P/E ratio of 17.32, a P/E/G ratio of 0.19 and a beta of 1.90. The company has a current ratio of 0.26, 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 $83.03 and a 12 month high of $119.13. The stock’s fifty day moving average price is $103.18 and its 200-day moving average price is $104.75.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing analysts’ consensus estimates of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. On average, equities research analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, February 23rd. Stockholders of record on Thursday, February 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.19%. PennyMac Financial Services’s dividend payout ratio is presently 20.55%.

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.