IFP Advisors Inc Sells 372 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

IFP Advisors Inc reduced its holdings in PennyMac Financial Services, Inc. (NYSE:PFSI) by 13.4% during the third quarter, Holdings Channel.com reports. The fund owned 2,402 shares of the real estate investment trust’s stock after selling 372 shares during the quarter. IFP Advisors Inc’s holdings in PennyMac Financial Services were worth $149,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PFSI. Canada Pension Plan Investment Board bought a new position in PennyMac Financial Services in the 2nd quarter worth about $48,000. FORA Capital LLC purchased a new position in shares of PennyMac Financial Services in the 2nd quarter worth about $188,000. Macquarie Group Ltd. boosted its holdings in shares of PennyMac Financial Services by 34.8% in the 2nd quarter. Macquarie Group Ltd. now owns 3,120 shares of the real estate investment trust’s stock worth $193,000 after purchasing an additional 805 shares in the last quarter. Magnetar Financial LLC purchased a new position in shares of PennyMac Financial Services in the 2nd quarter worth about $245,000. Finally, Bridgefront Capital LLC purchased a new position in shares of PennyMac Financial Services in the 2nd quarter worth about $255,000. Institutional investors and hedge funds own 57.91% of the company’s stock.

In other PennyMac Financial Services news, Director Farhad Nanji purchased 125,321 shares of the stock in a transaction on Monday, November 22nd. The stock was acquired at an average price of $64.78 per share, with a total value of $8,118,294.38. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David Spector sold 15,000 shares of the stock in a transaction that occurred on Wednesday, October 20th. The stock was sold at an average price of $67.51, for a total value of $1,012,650.00. The disclosure for this sale can be found here. Corporate insiders own 12.90% of the company’s stock.

A number of research firms have recently issued reports on PFSI. Credit Suisse Group upped their price objective on PennyMac Financial Services from $72.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, August 9th. Barclays upped their price objective on PennyMac Financial Services from $89.00 to $103.00 and gave the stock an “overweight” rating in a report on Friday, August 6th. Wedbush upped their price objective on PennyMac Financial Services from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, August 16th. Piper Sandler upped their price objective on PennyMac Financial Services from $93.00 to $109.00 and gave the stock an “overweight” rating in a report on Friday, August 6th. Finally, Zacks Investment Research cut PennyMac Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, November 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $85.67.

Shares of PFSI stock opened at $65.76 on Thursday. The stock has a market capitalization of $3.88 billion, a PE ratio of 3.68 and a beta of 1.19. PennyMac Financial Services, Inc. has a 1-year low of $55.11 and a 1-year high of $70.99. The business has a 50-day moving average of $64.19 and a 200 day moving average of $63.31. The company has a debt-to-equity ratio of 2.64, a current ratio of 0.26 and a quick ratio of 0.18.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Thursday, November 4th. The real estate investment trust reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.49. The company had revenue of $786.61 million during the quarter, compared to analysts’ expectations of $832.20 million. PennyMac Financial Services had a return on equity of 36.99% and a net margin of 36.50%. PennyMac Financial Services’s quarterly revenue was down 29.8% compared to the same quarter last year. During the same period in the prior year, the business posted $7.03 EPS. Analysts anticipate that PennyMac Financial Services, Inc. will post 20.36 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Shareholders of record on Monday, November 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Friday, November 12th. PennyMac Financial Services’s payout ratio is 4.48%.

About PennyMac Financial Services

PennyMac Financial Services, Inc operates as a holding company. The firm engages in the production and servicing of U.S. residential mortgage loans. It operates through the following segments: Production, Servicing, and Investment Management. The Production segment includes mortgage loan origination, acquisition, and sale activities.

Further Reading: Straddles

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Institutional Ownership by Quarter for PennyMac Financial Services (NYSE:PFSI)

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