Palogic Value Management L.P. Invests $1.05 Million in PennyMac Financial Services, Inc. $PFSI

Palogic Value Management L.P. bought a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 12,007 shares of the real estate investment trust’s stock, valued at approximately $1,046,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Caitong International Asset Management Co. Ltd boosted its holdings in shares of PennyMac Financial Services by 7,600.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 228 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of PennyMac Financial Services during the fourth quarter worth approximately $31,000. EverSource Wealth Advisors LLC acquired a new stake in PennyMac Financial Services during the 2nd quarter worth approximately $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in PennyMac Financial Services in the 2nd quarter valued at $25,000. Finally, Strs Ohio acquired a new position in PennyMac Financial Services in the 1st quarter valued at $30,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

Analyst Ratings Changes

PFSI has been the subject of a number of recent research reports. Wells Fargo & Company reduced their target price on shares of PennyMac Financial Services from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Stephens cut their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Zacks Research cut shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a report on Friday, May 8th. Piper Sandler cut PennyMac Financial Services from an “overweight” rating to a “neutral” rating and cut their price target for the company from $106.00 to $86.00 in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods reduced their price target on PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.88.

Insider Buying and Selling

In other PennyMac Financial Services news, CAO Gregory L. Hendry sold 2,943 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $81.71, for a total transaction of $240,472.53. Following the completion of the transaction, the chief accounting officer owned 48,968 shares of the company’s stock, valued at approximately $4,001,175.28. The trade was a 5.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 15.20% of the company’s stock.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $72.89 on Thursday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22. The company has a market cap of $3.79 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45. The company has a 50 day moving average of $80.71 and a 200-day moving average of $85.57. PennyMac Financial Services, Inc. has a 1-year low of $71.68 and a 1-year high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.72). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. During the same period in the prior year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities research analysts forecast that PennyMac Financial Services, Inc. will post 7.36 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Monday, August 17th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, August 17th. PennyMac Financial Services’s payout ratio is currently 16.48%.

PennyMac Financial Services Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.