Norges Bank purchased a new position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 353,716 shares of the real estate investment trust's stock, valued at approximately $31,258,000. Norges Bank owned approximately 0.71% of PennyMac Financial Services as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of PennyMac Financial Services by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,691,512 shares of the real estate investment trust's stock valued at $237,851,000 after acquiring an additional 70,178 shares in the last quarter. Invesco Ltd. raised its stake in shares of PennyMac Financial Services by 47.6% in the third quarter. Invesco Ltd. now owns 490,297 shares of the real estate investment trust's stock valued at $32,654,000 after acquiring an additional 158,181 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of PennyMac Financial Services by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 396,745 shares of the real estate investment trust's stock valued at $35,060,000 after acquiring an additional 3,947 shares in the last quarter. Boston Partners acquired a new stake in shares of PennyMac Financial Services in the fourth quarter valued at $28,191,000. Finally, American Century Companies Inc. raised its stake in shares of PennyMac Financial Services by 6.2% in the third quarter. American Century Companies Inc. now owns 277,643 shares of the real estate investment trust's stock valued at $18,491,000 after acquiring an additional 16,174 shares in the last quarter. 57.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Doug Jones sold 30,000 shares of the firm's stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total value of $2,744,700.00. Following the completion of the sale, the director now owns 480,000 shares in the company, valued at $43,915,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Doug Jones sold 30,000 shares of the firm's stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total value of $2,744,700.00. Following the completion of the sale, the director now owns 480,000 shares in the company, valued at $43,915,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph F. Mazzella sold 16,465 shares of PennyMac Financial Services stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total transaction of $1,493,869.45. Following the sale, the director now owns 116,546 shares of the company's stock, valued at $10,574,218.58. The disclosure for this sale can be found here. Insiders have sold a total of 126,650 shares of company stock valued at $11,342,787 over the last quarter. 16.60% of the stock is currently owned by insiders.
PennyMac Financial Services Stock Performance
Shares of NYSE PFSI traded up $0.12 during midday trading on Friday, reaching $90.65. 183,404 shares of the company were exchanged, compared to its average volume of 192,936. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 2.33. PennyMac Financial Services, Inc. has a 1 year low of $60.37 and a 1 year high of $94.80. The stock has a fifty day simple moving average of $90.06 and a 200 day simple moving average of $87.14. The stock has a market cap of $4.62 billion, a P/E ratio of 31.48, a PEG ratio of 0.59 and a beta of 1.68.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.34 by $0.14. PennyMac Financial Services had a return on equity of 10.48% and a net margin of 10.94%. The firm had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million. On average, research analysts forecast that PennyMac Financial Services, Inc. will post 10.55 earnings per share for the current fiscal year.
PennyMac Financial Services Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Tuesday, May 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 0.88%. The ex-dividend date was Monday, May 13th. PennyMac Financial Services's dividend payout ratio is currently 27.78%.
Analysts Set New Price Targets
PFSI has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on PennyMac Financial Services from $115.00 to $112.00 and set a "buy" rating on the stock in a report on Thursday, April 25th. StockNews.com lowered PennyMac Financial Services from a "hold" rating to a "sell" rating in a report on Tuesday, May 21st. Keefe, Bruyette & Woods dropped their target price on PennyMac Financial Services from $105.00 to $100.00 and set an "outperform" rating on the stock in a report on Friday, April 26th. Barclays increased their target price on PennyMac Financial Services from $103.00 to $112.00 and gave the company an "overweight" rating in a report on Tuesday, April 9th. Finally, Wedbush reissued an "outperform" rating and issued a $110.00 target price on shares of PennyMac Financial Services in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $97.75.
Check Out Our Latest Research Report on PFSI
About PennyMac Financial Services
(Free Report)
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.
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