Cynosure Group LLC Acquires 2,361 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Cynosure Group LLC lifted its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI) by 57.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,454 shares of the real estate investment trust’s stock after purchasing an additional 2,361 shares during the period. Cynosure Group LLC’s holdings in PennyMac Financial Services were worth $736,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new stake in shares of PennyMac Financial Services during the 3rd quarter worth approximately $37,000. Blue Trust Inc. increased its stake in PennyMac Financial Services by 1,529.6% in the second quarter. Blue Trust Inc. now owns 440 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 413 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of PennyMac Financial Services by 29.6% during the second quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 109 shares during the period. KBC Group NV boosted its position in shares of PennyMac Financial Services by 20.3% during the 3rd quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 226 shares in the last quarter. Finally, Quantbot Technologies LP grew its stake in shares of PennyMac Financial Services by 23.7% in the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 290 shares during the period. 57.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Piper Sandler upped their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wedbush reiterated an “outperform” rating and issued a $130.00 target price on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Finally, Barclays upped their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $115.86.

Insider Activity

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 10,500 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the completion of the transaction, the chief financial officer now owns 235,997 shares in the company, valued at $26,651,141.21. This trade represents a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Richard Bailey sold 14,130 shares of PennyMac Financial Services stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.88, for a total transaction of $1,651,514.40. Following the completion of the transaction, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. The trade was a 49.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,162 shares of company stock valued at $7,491,026 in the last three months. Company insiders own 16.60% of the company’s stock.

PennyMac Financial Services Stock Performance

PFSI stock opened at $106.36 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. The firm has a market cap of $5.45 billion, a PE ratio of 33.77 and a beta of 1.79. The business has a 50 day moving average of $106.59 and a 200-day moving average of $100.39. PennyMac Financial Services, Inc. has a 12-month low of $76.57 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). The business had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.77 EPS. As a group, sell-side analysts expect that PennyMac Financial Services, Inc. will post 11.88 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Monday, November 18th. PennyMac Financial Services’s payout ratio is 38.10%.

PennyMac Financial Services Company Profile

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.