David Spector Sells 10,000 Shares of PennyMac Financial Services (NYSE:PFSI) Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $145.19, for a total transaction of $1,451,900.00. Following the completion of the sale, the chief executive officer owned 100,604 shares of the company’s stock, valued at approximately $14,606,694.76. This trade represents a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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.
• On Wednesday, November 12th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $129.26, for a total transaction of $646,300.00.
• On Thursday, October 23rd, David Spector sold 71,161 shares of PennyMac Financial Services stock. The stock was sold at an average price of $128.07, for a total transaction of $9,113,589.27.

PennyMac Financial Services Stock Performance

NYSE PFSI opened at $150.34 on Friday. The firm has a market cap of $7.81 billion, a P/E ratio of 16.20, a P/E/G ratio of 0.67 and a beta of 1.57. PennyMac Financial Services, Inc. has a 52-week low of $85.74 and a 52-week high of $153.00. The business’s 50-day moving average price is $132.81 and its 200 day moving average price is $119.47. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.01.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The company had revenue of $632.90 million during the quarter, compared to analysts’ expectations of $573.46 million. During the same period last year, the firm earned $1.30 EPS. The firm’s revenue for the quarter was up 53.7% on a year-over-year basis. On average, equities research analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Monday, November 17th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, November 17th. PennyMac Financial Services’s dividend payout ratio (DPR) is 12.93%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Zacks Research upgraded shares of PennyMac Financial Services to a “hold” rating in a research note on Friday, December 19th. Keefe, Bruyette & Woods increased their price target on shares of PennyMac Financial Services from $138.00 to $143.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Piper Sandler lifted their price objective on PennyMac Financial Services from $146.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday. Jefferies Financial Group started coverage on PennyMac Financial Services in a research note on Friday, December 19th. They set a “buy” rating and a $160.00 target price for the company. Finally, Wells Fargo & Company raised their price target on PennyMac Financial Services from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $153.43.

Institutional Investors Weigh In On PennyMac Financial Services

Institutional investors have recently modified their holdings of the company. Invesco Ltd. increased its position in shares of PennyMac Financial Services by 18.3% in the third quarter. Invesco Ltd. now owns 1,463,096 shares of the real estate investment trust’s stock valued at $181,248,000 after buying an additional 226,581 shares in the last quarter. Geode Capital Management LLC increased its holdings in PennyMac Financial Services by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock valued at $71,924,000 after acquiring an additional 41,124 shares in the last quarter. Basswood Capital Management L.L.C. increased its holdings in PennyMac Financial Services by 5.9% during the 2nd quarter. Basswood Capital Management L.L.C. now owns 570,210 shares of the real estate investment trust’s stock valued at $56,816,000 after acquiring an additional 31,743 shares in the last quarter. 140 Summer Partners LP acquired a new position in PennyMac Financial Services during the third quarter worth about $55,268,000. Finally, American Century Companies Inc. lifted its holdings in shares of PennyMac Financial Services by 7.5% in the third quarter. American Century Companies Inc. now owns 429,403 shares of the real estate investment trust’s stock valued at $53,195,000 after purchasing an additional 30,015 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

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.