Putnam Investments LLC Has $1.50 Million Stake in PennyMac Financial Services, Inc. (NYSE:PFSI)

Posted by MarketBeat News on Mar 14th, 2023

Putnam Investments LLC decreased its holdings in shares of PennyMac Financial Services, Inc. (NYSE:PFSI – Get Rating) by 5.7% in the 3rd quarter, Holdings Channel reports. The fund owned 34,929 shares of the real estate investment trust’s stock after selling 2,130 shares during the period. Putnam Investments LLC’s holdings in PennyMac Financial Services were worth $1,499,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Acadian Asset Management LLC bought a new stake in shares of PennyMac Financial Services during the first quarter worth about $519,000. MetLife Investment Management LLC grew its holdings in shares of PennyMac Financial Services by 39.6% during the first quarter. MetLife Investment Management LLC now owns 15,934 shares of the real estate investment trust’s stock worth $848,000 after purchasing an additional 4,522 shares during the last quarter. LSV Asset Management grew its holdings in shares of PennyMac Financial Services by 12.3% during the first quarter. LSV Asset Management now owns 53,212 shares of the real estate investment trust’s stock worth $2,831,000 after purchasing an additional 5,846 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of PennyMac Financial Services by 93.7% during the first quarter. Dimensional Fund Advisors LP now owns 783,884 shares of the real estate investment trust’s stock worth $41,703,000 after purchasing an additional 379,161 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of PennyMac Financial Services by 19.9% during the first quarter. Canada Pension Plan Investment Board now owns 2,932 shares of the real estate investment trust’s stock worth $156,000 after purchasing an additional 486 shares during the last quarter. Institutional investors and hedge funds own 67.03% of the company’s stock.

Analysts Set New Price Targets

PFSI has been the topic of several research reports. JMP Securities cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 18th. Wells Fargo & Company upgraded PennyMac Financial Services from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. Barclays upped their target price on PennyMac Financial Services from $58.00 to $69.00 and gave the company an “equal weight” rating in a report on Friday, February 3rd. Finally, StockNews.com upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 11th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $69.50.

Insiders Place Their Bets

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In other news, CEO David Spector sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $61.69, for a total transaction of $925,350.00. Following the transaction, the chief executive officer now directly owns 435,604 shares of the company’s stock, valued at $26,872,410.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO David Spector sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $61.69, for a total transaction of $925,350.00. Following the transaction, the chief executive officer now directly owns 435,604 shares of the company’s stock, valued at $26,872,410.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Richard Bailey sold 18,923 shares of the company’s stock in a transaction that occurred on Wednesday, February 8th. The stock was sold at an average price of $66.33, for a total value of $1,255,162.59. Following the transaction, the insider now directly owns 11,914 shares in the company, valued at $790,255.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,714 shares of company stock worth $9,294,637. Corporate insiders own 18.00% of the company’s stock.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $57.71 on Tuesday. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 6.88 and a beta of 1.49. PennyMac Financial Services, Inc. has a 52-week low of $38.53 and a 52-week high of $73.79. The stock’s 50 day moving average price is $63.22 and its two-hundred day moving average price is $56.32. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.55 and a current ratio of 0.55.

PennyMac Financial Services (NYSE:PFSI – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.04. The firm had revenue of $340.45 million for the quarter, compared to analysts’ expectations of $326.70 million. PennyMac Financial Services had a return on equity of 14.00% and a net margin of 23.95%. On average, equities analysts predict that PennyMac Financial Services, Inc. will post 6.76 earnings per share for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 24th. Shareholders of record on Tuesday, February 14th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date was Monday, February 13th. PennyMac Financial Services’s payout ratio is 9.54%.

About PennyMac Financial Services

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PennyMac Financial Services, Inc operates as a holding company, which 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.