PennyMac Financial Services (NYSE:PFSI) CEO Sells $879,900.00 in Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $87.99, for a total value of $879,900.00. Following the completion of the sale, the chief executive officer directly owned 60,604 shares of the company’s stock, valued at $5,332,545.96. This trade represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $92.83, for a total value of $928,300.00.
• 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 transaction of $863,900.00.
• On Friday, March 6th, David Spector sold 12,436 shares of PennyMac Financial Services stock. The stock was sold at an average price of $86.39, for a total transaction of $1,074,346.04.
• On Thursday, February 19th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $94.50, for a total transaction of $945,000.00.
• On Thursday, February 19th, David Spector sold 2,950 shares of PennyMac Financial Services stock. The stock was sold at an average price of $94.52, for a total transaction of $278,834.00.

PennyMac Financial Services Stock Down 0.9%

Shares of PFSI traded down $0.81 on Wednesday, reaching $87.83. The company’s stock had a trading volume of 364,090 shares, compared to its average volume of 767,843. PennyMac Financial Services, Inc. has a twelve month low of $82.65 and a twelve month high of $160.36. The stock has a market capitalization of $4.58 billion, a PE ratio of 9.33, a PEG ratio of 0.57 and a beta of 1.49. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.32. The firm has a fifty day moving average of $88.93 and a 200-day moving average of $112.53.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $2.19 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.03). The company had revenue of $544.98 million for the quarter, compared to the consensus estimate of $546.17 million. PennyMac Financial Services had a return on equity of 11.02% and a net margin of 23.47%.The business’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.42 earnings per share. Equities analysts predict that PennyMac Financial Services, Inc. will post 10.68 EPS for the current year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Monday, May 18th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Monday, May 18th. PennyMac Financial Services’s dividend payout ratio is presently 12.75%.

Institutional Investors Weigh In On PennyMac Financial Services

A number of hedge funds have recently made changes to their positions in PFSI. First Trust Advisors LP boosted its holdings in shares of PennyMac Financial Services by 12.4% in the 1st quarter. First Trust Advisors LP now owns 18,896 shares of the real estate investment trust’s stock worth $1,652,000 after buying an additional 2,088 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in PennyMac Financial Services by 7.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock worth $167,474,000 after buying an additional 126,902 shares during the last quarter. Swiss National Bank raised its position in PennyMac Financial Services by 0.8% in the first quarter. Swiss National Bank now owns 61,700 shares of the real estate investment trust’s stock worth $5,393,000 after acquiring an additional 500 shares during the period. Lightrock Netherlands B.V. boosted its stake in PennyMac Financial Services by 22.4% in the first quarter. Lightrock Netherlands B.V. now owns 152,213 shares of the real estate investment trust’s stock valued at $13,303,000 after acquiring an additional 27,900 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in PennyMac Financial Services by 210.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 43,605 shares of the real estate investment trust’s stock valued at $3,811,000 after acquiring an additional 29,557 shares during the last quarter. 57.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PFSI has been the topic of a number of analyst reports. Piper Sandler cut their price objective on shares of PennyMac Financial Services from $122.00 to $112.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. BTIG Research reissued a “buy” rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Wells Fargo & Company cut their price target on shares of PennyMac Financial Services from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Keefe, Bruyette & Woods decreased their price objective on shares of PennyMac Financial Services from $115.00 to $108.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Finally, Weiss Ratings cut shares of PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $122.75.

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.