Edgestream Partners L.P. Boosts Stock Position in PennyMac Financial Services, Inc. (NYSE:PFSI)

Edgestream Partners L.P. raised its position in PennyMac Financial Services, Inc. (NYSE:PFSI) by 256.9% during the second quarter, Holdings Channel.com reports. The firm owned 84,861 shares of the real estate investment trust’s stock after buying an additional 61,087 shares during the period. Edgestream Partners L.P.’s holdings in PennyMac Financial Services were worth $8,028,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in shares of PennyMac Financial Services during the fourth quarter valued at approximately $31,258,000. Principal Financial Group Inc. raised its holdings in PennyMac Financial Services by 45.6% in the 4th quarter. Principal Financial Group Inc. now owns 162,541 shares of the real estate investment trust’s stock valued at $14,364,000 after acquiring an additional 50,877 shares during the last quarter. American Century Companies Inc. raised its holdings in PennyMac Financial Services by 13.2% in the 2nd quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock valued at $32,919,000 after acquiring an additional 40,676 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of PennyMac Financial Services during the 1st quarter worth $2,570,000. Finally, Denali Advisors LLC boosted its holdings in shares of PennyMac Financial Services by 179.2% during the first quarter. Denali Advisors LLC now owns 41,600 shares of the real estate investment trust’s stock worth $3,789,000 after purchasing an additional 26,700 shares during the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

PennyMac Financial Services Stock Performance

NYSE PFSI opened at $116.57 on Tuesday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. PennyMac Financial Services, Inc. has a 1-year low of $62.15 and a 1-year high of $117.67. The firm has a market capitalization of $5.97 billion, a P/E ratio of 40.48, a P/E/G ratio of 0.72 and a beta of 1.77. The business’s 50-day simple moving average is $101.29 and its 200-day simple moving average is $94.01.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business had revenue of $406.13 million for the quarter, compared to analyst estimates of $469.64 million. During the same period last year, the firm earned $1.11 earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. Equities analysts predict that PennyMac Financial Services, Inc. will post 10.61 EPS for the current year.

PennyMac Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.03%. This is a boost from PennyMac Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is 41.67%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research note on Monday, July 22nd. Piper Sandler upped their price objective on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Finally, Wedbush upped their price target on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.17.

Insider Buying and Selling

In other PennyMac Financial Services news, Director Anne Mccallion sold 23,829 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the transaction, the director now owns 1,854 shares in the company, valued at $191,221.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other PennyMac Financial Services news, Director Anne Mccallion sold 23,829 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $103.14, for a total value of $2,457,723.06. Following the completion of the sale, the director now owns 1,854 shares of the company’s stock, valued at $191,221.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph F. Mazzella sold 11,396 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $97.92, for a total transaction of $1,115,896.32. Following the transaction, the director now directly owns 105,446 shares in the company, valued at $10,325,272.32. The disclosure for this sale can be found here. In the last three months, insiders sold 55,225 shares of company stock valued at $5,487,319. Company insiders own 16.60% of the company’s stock.

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.