Cambria Investment Management L.P. Purchases Shares of 102,672 PennyMac Financial Services, Inc. (NYSE:PFSI)

Cambria Investment Management L.P. purchased a new stake 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 firm purchased 102,672 shares of the real estate investment trust’s stock, valued at approximately $7,219,000. Cambria Investment Management L.P. owned about 0.21% of PennyMac Financial Services at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PFSI. Acadian Asset Management LLC acquired a new stake in PennyMac Financial Services during the 1st quarter valued at $519,000. MetLife Investment Management LLC lifted 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 buying an additional 4,522 shares in the last quarter. LSV Asset Management lifted 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 buying an additional 5,846 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 buying an additional 379,161 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted 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 buying an additional 486 shares in the last quarter. Institutional investors and hedge funds own 59.12% of the company’s stock.

Insider Transactions at PennyMac Financial Services

In other news, CEO David Spector sold 15,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $65.82, for a total transaction of $987,300.00. Following the sale, the chief executive officer now directly owns 330,604 shares in the company, valued at $21,760,355.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 45,000 shares of company stock worth $3,097,800. Insiders own 17.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PFSI shares. TheStreet downgraded PennyMac Financial Services from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Barclays started coverage on PennyMac Financial Services in a research note on Wednesday. They issued an “overweight” rating and a $82.00 price target for the company. Piper Sandler boosted their price target on PennyMac Financial Services from $90.00 to $93.00 and gave the company an “overweight” rating in a research note on Friday, October 27th. StockNews.com raised PennyMac Financial Services from a “sell” rating to a “hold” rating in a research note on Friday, September 29th. Finally, Wedbush boosted their price target on PennyMac Financial Services from $80.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.14.

PennyMac Financial Services Stock Performance

PennyMac Financial Services stock opened at $76.86 on Thursday. PennyMac Financial Services, Inc. has a 12-month low of $54.00 and a 12-month high of $82.92. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.87. The business’s 50-day moving average price is $68.09 and its two-hundred day moving average price is $68.46. The stock has a market cap of $3.84 billion, a PE ratio of 18.48 and a beta of 1.52.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Thursday, October 26th. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.20. The firm had revenue of $400.31 million for the quarter, compared to analysts’ expectations of $401.96 million. PennyMac Financial Services had a return on equity of 6.54% and a net margin of 15.88%. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.46 earnings per share. As a group, analysts expect that PennyMac Financial Services, Inc. will post 5.22 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, November 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Friday, November 10th. PennyMac Financial Services’s dividend payout ratio (DPR) is currently 19.23%.

About PennyMac Financial Services

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: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.