Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells 6,839 Shares of Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 6,839 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $102.12, for a total value of $698,398.68. Following the completion of the transaction, the chief executive officer now owns 635,554 shares in the company, valued at approximately $64,902,774.48. This trade represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, January 8th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $99.38, for a total value of $496,900.00.
• On Friday, December 20th, David Spector sold 61,120 shares of PennyMac Financial Services stock. The shares were sold at an average price of $101.72, for a total value of $6,217,126.40.
• On Wednesday, December 4th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $104.95, for a total transaction of $1,049,500.00.

PennyMac Financial Services Price Performance

Shares of PFSI stock traded down $0.03 on Monday, hitting $103.62. 291,119 shares of the stock traded hands, compared to its average volume of 344,298. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.26 and a quick ratio of 0.38. PennyMac Financial Services, Inc. has a 52 week low of $83.03 and a 52 week high of $119.13. The firm has a 50 day simple moving average of $103.65 and a two-hundred day simple moving average of $105.12. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 0.19 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing analysts’ consensus estimates of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 19.54% and a return on equity of 16.61%. As a group, equities research analysts predict that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, February 23rd. Stockholders of record on Thursday, February 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Thursday, February 13th. PennyMac Financial Services’s payout ratio is currently 20.55%.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in PennyMac Financial Services by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 2,886,580 shares of the real estate investment trust’s stock worth $294,835,000 after purchasing an additional 199,667 shares in the last quarter. FMR LLC increased its holdings in shares of PennyMac Financial Services by 11.9% in the fourth quarter. FMR LLC now owns 1,305,851 shares of the real estate investment trust’s stock worth $133,380,000 after purchasing an additional 138,853 shares during the last quarter. Invesco Ltd. lifted its position in shares of PennyMac Financial Services by 0.3% in the fourth quarter. Invesco Ltd. now owns 1,183,458 shares of the real estate investment trust’s stock worth $120,878,000 after buying an additional 3,527 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in PennyMac Financial Services by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 954,713 shares of the real estate investment trust’s stock valued at $108,809,000 after buying an additional 21,751 shares during the last quarter. Finally, State Street Corp grew its holdings in PennyMac Financial Services by 6.0% during the 3rd quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock valued at $103,911,000 after buying an additional 51,777 shares in the last quarter. Institutional investors own 57.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PFSI shares. Piper Sandler reduced their target price on shares of PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Keefe, Bruyette & Woods lowered their target price on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.17.

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.