Federated Hermes Inc. Raises Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Federated Hermes Inc. increased its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 40.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,346 shares of the real estate investment trust’s stock after acquiring an additional 17,245 shares during the period. Federated Hermes Inc. owned approximately 0.12% of PennyMac Financial Services worth $5,333,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Invesco Ltd. increased its position in shares of PennyMac Financial Services by 47.6% in the third quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust’s stock valued at $32,654,000 after buying an additional 158,181 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of PennyMac Financial Services by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 392,798 shares of the real estate investment trust’s stock worth $26,160,000 after buying an additional 6,855 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of PennyMac Financial Services by 6.2% in the 3rd quarter. American Century Companies Inc. now owns 277,643 shares of the real estate investment trust’s stock worth $18,491,000 after purchasing an additional 16,174 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in PennyMac Financial Services during the 3rd quarter worth approximately $17,242,000. Finally, Bank of New York Mellon Corp raised its stake in shares of PennyMac Financial Services by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 234,486 shares of the real estate investment trust’s stock valued at $15,617,000 after acquiring an additional 7,251 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $86.20 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.37 and a quick ratio of 0.37. The firm has a market capitalization of $4.35 billion, a PE ratio of 29.93, a P/E/G ratio of 0.61 and a beta of 1.67. PennyMac Financial Services, Inc. has a 1-year low of $56.16 and a 1-year high of $94.78. The business’s fifty day moving average price is $87.95 and its two-hundred day moving average price is $82.89.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 10.51% and a net margin of 10.94%. The business had revenue of $305.66 million during the quarter, compared to the consensus estimate of $422.87 million. On average, research analysts expect that PennyMac Financial Services, Inc. will post 10.41 EPS for the current year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Tuesday, February 13th were given a $0.20 dividend. The ex-dividend date was Monday, February 12th. This represents a $0.80 dividend on an annualized basis and a yield of 0.93%. PennyMac Financial Services’s dividend payout ratio is presently 27.78%.

Insider Activity at PennyMac Financial Services

In other news, CEO David Spector sold 26,451 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $86.05, for a total value of $2,276,108.55. Following the completion of the sale, the chief executive officer now directly owns 647,938 shares of the company’s stock, valued at approximately $55,755,064.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other PennyMac Financial Services news, CEO David Spector sold 26,451 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $86.05, for a total value of $2,276,108.55. Following the completion of the sale, the chief executive officer now directly owns 647,938 shares in the company, valued at $55,755,064.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Derek Stark sold 5,255 shares of PennyMac Financial Services stock in a transaction on Monday, March 25th. The shares were sold at an average price of $89.44, for a total value of $470,007.20. Following the transaction, the insider now owns 27,084 shares in the company, valued at $2,422,392.96. The disclosure for this sale can be found here. Insiders sold 87,802 shares of company stock worth $7,666,108 in the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PFSI shares. StockNews.com downgraded PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Thursday. Wedbush reissued an “outperform” rating and set a $110.00 price objective on shares of PennyMac Financial Services in a report on Thursday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday. Barclays lifted their price target on PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods raised PennyMac Financial Services from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $105.00 in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Moderate Buy” and a consensus price target of $98.38.

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.