Weiss Asset Management LP Sells 2,689 Shares of PennyMac Financial Services Inc (NYSE:PFSI)

Weiss Asset Management LP lessened its holdings in PennyMac Financial Services Inc (NYSE:PFSI) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 75,102 shares of the real estate investment trust’s stock after selling 2,689 shares during the quarter. Weiss Asset Management LP owned approximately 0.10% of PennyMac Financial Services worth $1,666,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PFSI. Bank of America Corp DE boosted its stake in shares of PennyMac Financial Services by 35.5% in the 4th quarter. Bank of America Corp DE now owns 22,554 shares of the real estate investment trust’s stock valued at $480,000 after purchasing an additional 5,914 shares during the last quarter. New York State Teachers Retirement System bought a new position in PennyMac Financial Services during the 1st quarter worth approximately $38,000. TD Asset Management Inc. boosted its stake in PennyMac Financial Services by 17.9% during the 1st quarter. TD Asset Management Inc. now owns 36,890 shares of the real estate investment trust’s stock worth $820,000 after acquiring an additional 5,600 shares during the last quarter. Acadian Asset Management LLC bought a new position in PennyMac Financial Services during the 1st quarter worth approximately $751,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in PennyMac Financial Services during the 1st quarter worth approximately $336,000. 30.46% of the stock is currently owned by institutional investors.

PennyMac Financial Services stock traded up $0.91 during midday trading on Monday, hitting $31.05. 31,505 shares of the stock were exchanged, compared to its average volume of 382,725. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 1.89. The stock has a market capitalization of $2.40 billion, a PE ratio of 11.96, a P/E/G ratio of 0.86 and a beta of 0.40. The company has a fifty day simple moving average of $27.55 and a two-hundred day simple moving average of $23.75. PennyMac Financial Services Inc has a 52 week low of $18.77 and a 52 week high of $32.24.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.92 EPS for the quarter, topping the consensus estimate of $0.77 by $0.15. The firm had revenue of $302.98 million for the quarter, compared to the consensus estimate of $267.80 million. PennyMac Financial Services had a net margin of 16.34% and a return on equity of 9.76%. As a group, equities research analysts anticipate that PennyMac Financial Services Inc will post 3.55 EPS for the current fiscal year.

Several research firms recently weighed in on PFSI. Credit Suisse Group lifted their price objective on shares of PennyMac Financial Services from $24.00 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Wells Fargo & Co raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research note on Thursday, September 5th. TheStreet raised shares of PennyMac Financial Services from a “c+” rating to a “b+” rating in a research note on Wednesday, August 14th. Piper Jaffray Companies lifted their price objective on shares of PennyMac Financial Services from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Zacks Investment Research raised shares of PennyMac Financial Services from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.00.

In other PennyMac Financial Services news, Director Matthew Botein sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $21.59, for a total transaction of $1,295,400.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anne Mccallion sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $21.91, for a total transaction of $219,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 251,000 shares of company stock worth $6,268,340 over the last 90 days. Corporate insiders own 22.17% of the company’s stock.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans.

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

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