Maverick Capital Ltd. Purchases 4,849 Shares of PennyMac Financial Services, Inc. $PFSI

Maverick Capital Ltd. boosted its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 150.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,073 shares of the real estate investment trust’s stock after purchasing an additional 4,849 shares during the period. Maverick Capital Ltd.’s holdings in PennyMac Financial Services were worth $808,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd increased its holdings in PennyMac Financial Services by 447.5% during the 1st quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust’s stock worth $92,779,000 after purchasing an additional 757,489 shares in the last quarter. Conversant Capital LLC increased its holdings in PennyMac Financial Services by 25.1% during the 1st quarter. Conversant Capital LLC now owns 244,150 shares of the real estate investment trust’s stock worth $24,442,000 after purchasing an additional 49,000 shares in the last quarter. State of Wyoming increased its holdings in PennyMac Financial Services by 7.1% during the 1st quarter. State of Wyoming now owns 6,407 shares of the real estate investment trust’s stock worth $641,000 after purchasing an additional 427 shares in the last quarter. Ieq Capital LLC bought a new position in PennyMac Financial Services during the 1st quarter worth about $3,364,000. Finally, EMG Holdings L.P. bought a new position in PennyMac Financial Services during the 1st quarter worth about $6,465,000. Institutional investors own 57.87% of the company’s stock.

Insider Activity

In related news, Director Joseph F. Mazzella sold 7,107 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $108.16, for a total value of $768,693.12. Following the completion of the transaction, the director directly owned 86,050 shares of the company’s stock, valued at approximately $9,307,168. This trade represents a 7.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Derek Stark sold 4,750 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $109.56, for a total transaction of $520,410.00. Following the completion of the transaction, the insider directly owned 20,621 shares of the company’s stock, valued at approximately $2,259,236.76. This trade represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,857 shares of company stock valued at $2,813,253 in the last three months. Company insiders own 15.80% of the company’s stock.

PennyMac Financial Services Price Performance

Shares of NYSE PFSI opened at $110.17 on Tuesday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.03. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $119.13. The firm has a market capitalization of $5.70 billion, a P/E ratio of 15.28 and a beta of 1.51. The firm’s 50-day moving average price is $101.54 and its 200-day moving average price is $99.19.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business had revenue of $444.73 million during the quarter, compared to analyst estimates of $547.44 million. During the same quarter in the prior year, the company earned $1.85 EPS. The company’s revenue was up 9.5% on a year-over-year basis. Equities research analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Wednesday, August 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 13th. PennyMac Financial Services’s dividend payout ratio is currently 16.64%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PFSI. UBS Group decreased 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 Thursday, July 24th. Wall Street Zen upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Wells Fargo & Company initiated coverage on shares of PennyMac Financial Services in a research report on Monday, August 25th. They set an “overweight” rating and a $115.00 price objective for the company. Keefe, Bruyette & Woods cut their price objective on shares of PennyMac Financial Services from $121.00 to $117.00 and set an “outperform” rating for the company in a research report on Thursday, July 24th. Finally, Barclays dropped their price target on shares of PennyMac Financial Services from $124.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday, July 8th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.67.

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.