Zurcher Kantonalbank Zurich Cantonalbank Sells 1,382 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in PennyMac Financial Services, Inc. (NYSE:PFSI) by 14.5% in the fourth quarter, HoldingsChannel reports. The firm owned 8,172 shares of the real estate investment trust’s stock after selling 1,382 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PennyMac Financial Services were worth $835,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of PennyMac Financial Services by 6.0% in the 3rd quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock valued at $103,911,000 after acquiring an additional 51,777 shares during the period. JPMorgan Chase & Co. increased its stake in PennyMac Financial Services by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust’s stock valued at $108,809,000 after purchasing an additional 21,751 shares in the last quarter. XTX Topco Ltd acquired a new stake in PennyMac Financial Services in the third quarter worth $614,000. Charles Schwab Investment Management Inc. boosted its position in shares of PennyMac Financial Services by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 453,810 shares of the real estate investment trust’s stock worth $46,352,000 after purchasing an additional 6,459 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new position in shares of PennyMac Financial Services in the 3rd quarter valued at $702,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

Insider Activity at PennyMac Financial Services

In other news, insider James Follette sold 1,983 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $99.93, for a total value of $198,161.19. Following the completion of the sale, the insider now owns 10,497 shares of the company’s stock, valued at approximately $1,048,965.21. This represents a 15.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Doug Jones sold 7,882 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $103.16, for a total transaction of $813,107.12. Following the completion of the transaction, the director now directly owns 450,000 shares of the company’s stock, valued at $46,422,000. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,496 shares of company stock valued at $7,375,763. Corporate insiders own 16.60% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler dropped their price objective on PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Keefe, Bruyette & Woods dropped their price target on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.17.

PennyMac Financial Services Price Performance

PFSI stock opened at $101.68 on Friday. The stock has a 50-day moving average price of $103.08 and a two-hundred day moving average price of $104.82. PennyMac Financial Services, Inc. has a 1 year low of $83.03 and a 1 year high of $119.13. The stock has a market cap of $5.23 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 0.19 and a beta of 1.90. The company has a current ratio of 0.26, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. Equities analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, February 23rd. Investors of record on Thursday, February 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.18%. The ex-dividend date was Thursday, February 13th. PennyMac Financial Services’s payout ratio is 20.55%.

PennyMac Financial Services 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.