PennyMac Financial Services, Inc. (NYSE:PFSI) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 57.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,792 shares of the real estate investment trust’s stock after selling 15,995 shares during the quarter. Federated Hermes Inc.’s holdings in PennyMac Financial Services were worth $1,204,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PFSI. State Street Corp lifted its stake in shares of PennyMac Financial Services by 6.0% during the 3rd quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock worth $103,911,000 after purchasing an additional 51,777 shares during the period. JPMorgan Chase & Co. lifted its position in PennyMac Financial Services by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust’s stock worth $108,809,000 after buying an additional 21,751 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in PennyMac Financial Services by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 453,810 shares of the real estate investment trust’s stock worth $46,352,000 after buying an additional 6,459 shares during the last quarter. HighTower Advisors LLC acquired a new stake in PennyMac Financial Services in the 3rd quarter worth about $702,000. Finally, Assenagon Asset Management S.A. grew its holdings in PennyMac Financial Services by 27.3% in the 4th 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 buying an additional 5,833 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PFSI. Piper Sandler decreased their target price 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. Keefe, Bruyette & Woods upgraded 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. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.67.

Insider Activity

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $101.49, for a total value of $1,065,645.00. Following the transaction, the chief financial officer now owns 214,997 shares in the company, valued at approximately $21,820,045.53. The trade was a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Elbaum sold 410 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $102.88, for a total value of $42,180.80. Following the sale, the insider now owns 4,207 shares of the company’s stock, valued at approximately $432,816.16. This trade represents a 8.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,464 shares of company stock worth $4,540,867 over the last 90 days. Company insiders own 16.60% of the company’s stock.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $97.47 on Tuesday. The company has a quick ratio of 0.38, a current ratio of 0.26 and a debt-to-equity ratio of 3.22. The firm has a market capitalization of $5.01 billion, a P/E ratio of 16.69, a PEG ratio of 0.19 and a beta of 1.73. The firm has a fifty day moving average of $99.93 and a 200-day moving average of $103.09. PennyMac Financial Services, Inc. has a 52-week low of $83.03 and a 52-week high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. As a group, analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, February 23rd. Shareholders of record on Thursday, February 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, February 13th. PennyMac Financial Services’s dividend payout ratio (DPR) is 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.