Key Points
- CEO David Spector sold 10,000 shares on January 13 at an average price of $145.19 for $1,451,900, leaving him with 100,604 shares (a 9.04% reduction in his stake).
- The sale continues a recent pattern of insider selling — including 71,161 shares on October 23 and two further 5,000-share sales in November and December — totaling 91,161 shares sold since October 23.
- Analysts have been raising targets and rate the stock a "Moderate Buy" with an average price target of $150.29, while shares trade near a one‑year high and the company has a market cap of $7.67 billion and a P/E of about 15.9.
PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) CEO David Spector sold 10,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 100,604 shares in the company, valued at $14,606,694.76. This trade represents a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
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 Up 1.3%
NYSE PFSI opened at $147.50 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.01. PennyMac Financial Services, Inc. has a 1-year low of $85.74 and a 1-year high of $148.32. The company has a 50 day moving average of $132.29 and a 200-day moving average of $119.25. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 0.66 and a beta of 1.57.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share (EPS) 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 business had revenue of $632.90 million for the quarter, compared to the consensus estimate of $573.46 million. During the same quarter in the prior year, the business posted $1.30 earnings per share. The firm's quarterly revenue was up 53.7% compared to the same quarter last year. On average, equities research analysts expect that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.
PennyMac Financial Services Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Monday, November 17th were given a $0.30 dividend. The ex-dividend date was Monday, November 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.8%. PennyMac Financial Services's dividend payout ratio (DPR) is presently 12.93%.
Hedge Funds Weigh In On PennyMac Financial Services
Several institutional investors and hedge funds have recently added to or reduced their stakes in PFSI. Invesco Ltd. grew its stake in shares of PennyMac Financial Services by 18.3% during the third quarter. Invesco Ltd. now owns 1,463,096 shares of the real estate investment trust's stock worth $181,248,000 after buying an additional 226,581 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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. grew its position 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 worth $56,816,000 after acquiring an additional 31,743 shares during the last quarter. 140 Summer Partners LP acquired a new position in PennyMac Financial Services in the 3rd quarter worth about $55,268,000. Finally, American Century Companies Inc. raised its position in 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 during the last quarter. Institutional investors own 57.87% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on PFSI. BTIG Research increased their price objective on shares of PennyMac Financial Services from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, December 29th. Barclays increased their price target on shares of PennyMac Financial Services from $139.00 to $158.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 6th. Jefferies Financial Group began coverage on shares of PennyMac Financial Services in a research report on Friday, December 19th. They set a "buy" rating and a $160.00 price objective for the company. Zacks Research upgraded PennyMac Financial Services to a "hold" rating in a research note on Friday, December 19th. Finally, UBS Group lifted their price target on PennyMac Financial Services from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, October 24th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, PennyMac Financial Services has an average rating of "Moderate Buy" and an average price target of $150.29.
Check Out Our Latest Stock Report on PennyMac Financial Services
About PennyMac Financial Services
(
Get Free Report)
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.
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