PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $1,167,900.00 in Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $116.79, for a total value of $1,167,900.00. Following the completion of the sale, the chief executive officer now directly owns 200,604 shares of the company’s stock, valued at $23,428,541.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

David Spector also recently made the following trade(s):

• On Wednesday, August 21st, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $99.31, for a total value of $993,100.00.
• On Wednesday, July 10th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $92.06, for a total transaction of $920,600.00.

PennyMac Financial Services Price Performance

PennyMac Financial Services stock opened at $111.79 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75. The company has a fifty day simple moving average of $102.58 and a 200-day simple moving average of $94.52. The stock has a market cap of $5.72 billion, a P/E ratio of 38.82, a price-to-earnings-growth ratio of 0.75 and a beta of 1.77. PennyMac Financial Services, Inc. has a 12-month low of $62.15 and a 12-month high of $119.13.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The business had revenue of $406.13 million for the quarter, compared to analysts’ expectations of $469.64 million. During the same period last year, the firm earned $1.11 earnings per share. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. Equities analysts expect that PennyMac Financial Services, Inc. will post 10.61 EPS for the current fiscal year.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were paid a $0.30 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 1.07%. The ex-dividend date was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is currently 41.67%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wedbush upped their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. StockNews.com lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. 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 report on Monday, July 22nd. Finally, Piper Sandler upped their price target on PennyMac Financial Services from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One investment 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $107.17.

Institutional Trading of PennyMac Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning grew its position in shares of PennyMac Financial Services by 59.9% in the 2nd quarter. Creative Planning now owns 4,977 shares of the real estate investment trust’s stock valued at $471,000 after buying an additional 1,865 shares during the last quarter. Algert Global LLC acquired a new position in PennyMac Financial Services in the second quarter valued at $408,000. The Manufacturers Life Insurance Company grew its holdings in shares of PennyMac Financial Services by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 18,449 shares of the real estate investment trust’s stock worth $1,745,000 after purchasing an additional 1,166 shares during the last quarter. Maverick Capital Ltd. increased its position in shares of PennyMac Financial Services by 263.8% during the second quarter. Maverick Capital Ltd. now owns 12,904 shares of the real estate investment trust’s stock worth $1,221,000 after purchasing an additional 9,357 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in shares of PennyMac Financial Services in the 2nd quarter valued at about $639,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

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.