NEW YORK - Barclays has issued an Overweight rating for PennyMac Financial Services (NYSE:PFSI), with a one-year price target of $87.38, set on November 1, suggesting a potential 13.67% increase from the closing price of $76.87 on the same day. This recommendation comes ahead of the company's scheduled dividend payment of $0.20 per share on November 22 to registered shareholders as of November 13.
PennyMac Financial Services, a specialty financial services firm with a focus on U.S. mortgage loans and related investments, has been showing movement in its stock ownership among funds and institutions. As of today, 461 funds or institutions hold positions in PFSI, marking a slight increase from the previous quarter. Despite this growth in interest, the average portfolio weight assigned to PFSI shares has diminished by 10.16% to 0.16%. Over the past three months, institutions have scaled back their total shares by 3.15%, now holding 30,575K shares.
Among these holders, T. Rowe Price Investment Management has a notable presence with 4,837K shares, despite reducing their stake by 4.86%. Conversely, MFN Partners Management has kept its investment steady, maintaining its holding of 4,532K shares.
Investors are looking at PennyMac's dividend yield, which stands at 1.04% based on the current share price, and its payout ratio of approximately 18%. The forthcoming dividend distribution reflects the company's commitment to shareholder returns amidst the varying investment positions taken by institutional stakeholders.
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