Key Points
- CEO David Spector sold 5,000 PFSI shares on Nov. 12 at an average $129.26 for $646,300, part of a string of recent insider sales that included a much larger 71,161‑share sale on Oct. 23, signaling notable insider selling activity.
- PennyMac reported strong Q3 results, beating EPS and revenue estimates with EPS $3.37 and revenue $632.9M (revenue up 53.7% YoY), and the stock carries a consensus "Moderate Buy" rating with an average price target of $138.67.
- The company also declared a quarterly dividend of $0.30 (annualized $1.20) for a yield of about 0.9% and the firm has a market cap of roughly $6.6 billion and a P/E of 13.68.
PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) CEO David Spector sold 5,000 shares of the company's stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $129.26, for a total value of $646,300.00. Following the completion of the transaction, the chief executive officer directly owned 115,604 shares in the company, valued at approximately $14,942,973.04. This trade represents a 4.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
David Spector also recently made the following trade(s):
- 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 value of $9,113,589.27.
- On Monday, October 6th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $118.42, for a total transaction of $592,100.00.
- On Tuesday, September 23rd, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $122.97, for a total transaction of $614,850.00.
- On Monday, August 18th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $105.73, for a total transaction of $528,650.00.
PennyMac Financial Services Stock Performance
Shares of PFSI stock opened at $126.92 on Friday. The firm's 50 day moving average price is $123.67 and its 200-day moving average price is $108.10. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.36 and a current ratio of 0.36. PennyMac Financial Services, Inc. has a one year low of $85.74 and a one year high of $134.56. The firm has a market cap of $6.60 billion, a P/E ratio of 13.68 and a beta of 1.56.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last posted its earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.39. The firm had revenue of $632.90 million during the quarter, compared to the consensus estimate of $573.46 million. PennyMac Financial Services had a net margin of 25.21% and a return on equity of 11.69%. The firm's revenue for the quarter was up 53.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. As a group, equities research analysts predict that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.
PennyMac Financial Services Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.9%. PennyMac Financial Services's payout ratio is presently 12.93%.
Hedge Funds Weigh In On PennyMac Financial Services
Institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. grew its holdings in PennyMac Financial Services by 26.3% during the third quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust's stock worth $62,000 after acquiring an additional 105 shares during the period. AlphaQuest LLC boosted its position in shares of PennyMac Financial Services by 4.4% during the 1st quarter. AlphaQuest LLC now owns 2,587 shares of the real estate investment trust's stock worth $259,000 after purchasing an additional 110 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PennyMac Financial Services by 0.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,034 shares of the real estate investment trust's stock worth $1,598,000 after purchasing an additional 111 shares during the period. CWM LLC grew its stake in shares of PennyMac Financial Services by 71.5% during the 1st quarter. CWM LLC now owns 271 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 113 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of PennyMac Financial Services by 0.7% in the 3rd quarter. Sei Investments Co. now owns 22,145 shares of the real estate investment trust's stock valued at $2,743,000 after purchasing an additional 146 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PFSI has been the topic of several research reports. Barclays increased their target price on PennyMac Financial Services from $136.00 to $139.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 22nd. Wall Street Zen upgraded shares of PennyMac Financial Services from a "hold" rating to a "buy" rating in a research note on Saturday, November 1st. Zacks Research raised shares of PennyMac Financial Services from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. UBS Group lifted their price objective on shares of PennyMac Financial Services from $135.00 to $145.00 and gave the company a "neutral" rating in a report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PennyMac Financial Services in a research note on Friday, October 31st. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, PennyMac Financial Services has a consensus rating of "Moderate Buy" and an average price target of $138.67.
Check Out Our Latest Research Report on PFSI
PennyMac Financial Services Company Profile
(
Get Free Report)
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.
Further Reading
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