PennyMac Financial Services (NYSE:PFSI) CEO Sells $1,074,346.04 in Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 12,436 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $86.39, for a total value of $1,074,346.04. Following the completion of the sale, the chief executive officer owned 529,401 shares in the company, valued at approximately $45,734,952.39. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, March 6th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $86.39, for a total value of $863,900.00.
• On Thursday, February 19th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $94.50, for a total value of $945,000.00.
• On Thursday, February 19th, David Spector sold 2,950 shares of PennyMac Financial Services stock. The shares were sold at an average price of $94.52, for a total value of $278,834.00.
• On Tuesday, January 13th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $145.19, for a total transaction of $1,451,900.00.
• On Tuesday, December 16th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $129.81, for a total transaction of $649,050.00.

PennyMac Financial Services Stock Up 1.0%

Shares of PennyMac Financial Services stock traded up $0.87 during trading hours on Monday, hitting $87.07. The company had a trading volume of 1,044,364 shares, compared to its average volume of 969,761. The company has a debt-to-equity ratio of 3.32, a current ratio of 0.34 and a quick ratio of 0.34. The company’s 50-day moving average is $117.48 and its two-hundred day moving average is $122.01. The company has a market cap of $4.54 billion, a P/E ratio of 9.36, a price-to-earnings-growth ratio of 0.49 and a beta of 1.56. PennyMac Financial Services, Inc. has a twelve month low of $84.14 and a twelve month high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.20%. The company had revenue of $538.01 million during the quarter, compared to analysts’ expectations of $639.81 million. During the same period last year, the firm earned $1.95 earnings per share. PennyMac Financial Services’s revenue was up 14.4% on a year-over-year basis. Analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a dividend of $0.30 per share. The ex-dividend date was Friday, February 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.4%. PennyMac Financial Services’s payout ratio is 12.90%.

Institutional Trading of PennyMac Financial Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new position in shares of PennyMac Financial Services in the second quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd grew its position in PennyMac Financial Services by 7,600.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 228 shares during the last quarter. Strs Ohio purchased a new position in PennyMac Financial Services in the 1st quarter valued at $30,000. Los Angeles Capital Management LLC acquired a new position in PennyMac Financial Services in the 4th quarter valued at $31,000. Finally, GAMMA Investing LLC raised its position in PennyMac Financial Services by 97.3% during the 4th quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 142 shares during the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PFSI shares. Wall Street Zen downgraded PennyMac Financial Services from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Barclays reduced their price objective on PennyMac Financial Services from $158.00 to $136.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Weiss Ratings lowered shares of PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. Piper Sandler cut their target price on shares of PennyMac Financial Services from $168.00 to $137.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Finally, Jefferies Financial Group assumed coverage on shares of PennyMac Financial Services in a research report on Friday, December 19th. They issued a “buy” rating and a $160.00 price target for the company. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Financial Services presently has an average rating of “Hold” and a consensus target price of $139.71.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.