Edgestream Partners L.P. Sells 62,278 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Edgestream Partners L.P. lowered its stake in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 73.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,583 shares of the real estate investment trust’s stock after selling 62,278 shares during the quarter. Edgestream Partners L.P.’s holdings in PennyMac Financial Services were worth $2,574,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PFSI. Verition Fund Management LLC bought a new position in PennyMac Financial Services during the third quarter valued at about $203,000. Northwest & Ethical Investments L.P. increased its holdings in PennyMac Financial Services by 38.3% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 2,330 shares of the real estate investment trust’s stock worth $266,000 after acquiring an additional 645 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in PennyMac Financial Services by 0.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,324 shares of the real estate investment trust’s stock valued at $10,978,000 after acquiring an additional 669 shares during the period. FORA Capital LLC purchased a new stake in PennyMac Financial Services during the third quarter valued at about $616,000. Finally, Cynosure Group LLC boosted its position in PennyMac Financial Services by 57.7% during the third quarter. Cynosure Group LLC now owns 6,454 shares of the real estate investment trust’s stock worth $736,000 after purchasing an additional 2,361 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $116.79, for a total value of $1,167,900.00. Following the completion of the sale, the chief executive officer now owns 200,604 shares in the company, valued at approximately $23,428,541.16. The trade was a 4.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Richard Bailey sold 14,130 shares of PennyMac Financial Services stock in a transaction on Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now directly owns 14,670 shares in the company, valued at approximately $1,714,629.60. The trade was a 49.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,162 shares of company stock worth $7,491,026 over the last ninety days. Insiders own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Piper Sandler upped their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and issued a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Barclays boosted their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company raised their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.86.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $106.69 on Tuesday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. The stock has a 50-day moving average price of $105.96 and a 200-day moving average price of $100.80. The company has a market cap of $5.47 billion, a PE ratio of 33.87 and a beta of 1.79. PennyMac Financial Services, Inc. has a 12-month low of $78.71 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The company had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. During the same period in the previous year, the company earned $1.77 EPS. PennyMac Financial Services’s quarterly revenue was up 2.9% on a year-over-year basis. As a group, equities analysts forecast that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, November 18th. PennyMac Financial Services’s dividend payout ratio is currently 38.10%.

PennyMac Financial Services Profile

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.