Summit Investment Advisors Inc. Grows Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Summit Investment Advisors Inc. increased its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 5.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,797 shares of the real estate investment trust’s stock after acquiring an additional 154 shares during the quarter. Summit Investment Advisors Inc.’s holdings in PennyMac Financial Services were worth $286,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Barclays PLC increased its stake in PennyMac Financial Services by 505.4% in the 3rd quarter. Barclays PLC now owns 60,179 shares of the real estate investment trust’s stock worth $6,859,000 after acquiring an additional 50,238 shares during the last quarter. Tidal Investments LLC increased its position in shares of PennyMac Financial Services by 115.3% in the third quarter. Tidal Investments LLC now owns 15,086 shares of the real estate investment trust’s stock worth $1,719,000 after purchasing an additional 8,078 shares during the last quarter. JPMorgan Chase & Co. raised its stake in PennyMac Financial Services by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust’s stock valued at $108,809,000 after purchasing an additional 21,751 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in PennyMac Financial Services by 27.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 27,206 shares of the real estate investment trust’s stock valued at $2,779,000 after purchasing an additional 5,833 shares during the last quarter. Finally, Dakota Wealth Management grew its stake in PennyMac Financial Services by 2.6% in the 4th quarter. Dakota Wealth Management now owns 14,578 shares of the real estate investment trust’s stock worth $1,489,000 after buying an additional 374 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

Insider Buying and Selling

In other PennyMac Financial Services news, CRO Abbie Tidmore sold 2,669 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $102.55, for a total transaction of $273,705.95. Following the transaction, the executive now owns 4,878 shares in the company, valued at approximately $500,238.90. This represents a 35.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Spector sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $103.44, for a total value of $517,200.00. Following the completion of the transaction, the chief executive officer now owns 150,604 shares of the company’s stock, valued at approximately $15,578,477.76. The trade was a 3.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,464 shares of company stock valued at $4,540,867 over the last quarter. 16.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PFSI. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $114.00 price objective for the company in a report on Tuesday, April 8th. UBS Group cut their price objective on PennyMac Financial Services from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, Piper Sandler decreased their price objective on PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.86.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $97.05 on Monday. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.38 and a current ratio of 0.26. PennyMac Financial Services, Inc. has a fifty-two week low of $83.03 and a fifty-two week high of $119.13. The firm has a market cap of $4.99 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 0.19 and a beta of 1.73. The business has a 50 day moving average price of $99.36 and a 200-day moving average price of $102.65.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Thursday, January 30th. The real estate investment trust reported $2.88 earnings per share (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%. Equities research analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, February 23rd. Stockholders of record on Thursday, February 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.24%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 20.55%.

PennyMac Financial Services Company 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.