FORA Capital LLC Purchases Shares of 5,407 PennyMac Financial Services, Inc. (NYSE:PFSI)

FORA Capital LLC acquired a new position in PennyMac Financial Services, Inc. (NYSE:PFSI) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,407 shares of the real estate investment trust’s stock, valued at approximately $616,000.

Several other institutional investors have also recently made changes to their positions in the business. FMR LLC boosted its stake in PennyMac Financial Services by 231.9% in the 3rd quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock worth $133,003,000 after purchasing an additional 815,389 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of PennyMac Financial Services by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock worth $50,985,000 after acquiring an additional 31,035 shares during the last quarter. American Century Companies Inc. boosted its position in shares of PennyMac Financial Services by 13.2% during the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock worth $32,919,000 after acquiring an additional 40,676 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in PennyMac Financial Services during the third quarter valued at $24,644,000. Finally, Bank of New York Mellon Corp increased its holdings in PennyMac Financial Services by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,245 shares of the real estate investment trust’s stock valued at $17,240,000 after acquiring an additional 4,930 shares during the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $106.87 on Friday. The firm has a market capitalization of $5.48 billion, a PE ratio of 33.93 and a beta of 1.79. The stock’s fifty day moving average is $106.19 and its 200 day moving average is $100.53. PennyMac Financial Services, Inc. has a fifty-two week low of $77.02 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.38 and a current ratio of 0.38.

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

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th were given a dividend of $0.30 per share. The ex-dividend date was Monday, November 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.12%. PennyMac Financial Services’s dividend payout ratio (DPR) is presently 38.10%.

Wall Street Analyst Weigh In

PFSI has been the subject of several research reports. Piper Sandler increased their price objective on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company raised their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Finally, Barclays raised their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.86.

Insider Activity

In related news, insider Steven Richard Bailey sold 14,130 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the transaction, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. This trade represents a 49.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Gregory L. Hendry sold 3,032 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $102.09, for a total transaction of $309,536.88. Following the completion of the sale, the chief accounting officer now directly owns 48,040 shares of the company’s stock, valued at approximately $4,904,403.60. This trade represents a 5.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,162 shares of company stock valued at $7,491,026. 16.60% of the stock is currently owned by insiders.

About PennyMac Financial Services

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.