PennyMac Financial Services, Inc. Announces Quarterly Dividend of $0.30 (NYSE:PFSI)

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Tuesday, October 22nd,NASDAQ Dividends reports. Stockholders of record on Monday, November 18th will be given a dividend of 0.30 per share by the real estate investment trust on Wednesday, November 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, November 18th.

PennyMac Financial Services has raised its dividend payment by an average of 14.0% per year over the last three years. PennyMac Financial Services has a payout ratio of 8.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect PennyMac Financial Services to earn $14.29 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 8.4%.

PennyMac Financial Services Stock Up 1.2 %

PennyMac Financial Services stock opened at $102.47 on Friday. PennyMac Financial Services has a twelve month low of $74.69 and a twelve month high of $119.13. The stock has a market cap of $5.25 billion, a P/E ratio of 32.53 and a beta of 1.79. The company’s 50-day moving average price is $107.35 and its two-hundred day moving average price is $99.74. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). The firm had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. PennyMac Financial Services’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $1.77 EPS. As a group, analysts expect that PennyMac Financial Services will post 11.88 EPS for the current year.

Insider Activity at PennyMac Financial Services

In other PennyMac Financial Services news, CEO David Spector sold 10,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 200,604 shares in the company, valued at approximately $23,428,541.16. This represents a 4.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction on 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 approximately $191,221.56. This trade represents a 92.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,459 shares of company stock valued at $9,582,102 in the last 90 days. 16.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PFSI. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a report on Monday, July 22nd. Barclays boosted their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Wells Fargo & Company upped their target price on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Piper Sandler lifted their price target on PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Wedbush reissued an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.86.

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.