Key Points
- CFO Daniel Stanley Perotti sold 2,925 shares on Feb. 17 at an average price of $93.30 for $272,902.50, trimming his stake by 1.35% to 213,550 shares valued at about $19.92 million.
- PennyMac missed expectations in its quarterly report (Jan. 29) with EPS of $1.97 vs. $3.23 expected and revenue of $538.0M vs. $639.8M expected, although revenue was up 14.4% year-over-year.
- The company announced a quarterly dividend of $0.30 per share (1.2% yield) payable Feb. 26 with record date Feb. 16 and ex-dividend Feb. 13, while analysts hold a consensus "Hold" rating and a $139.71 price target.
PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) CFO Daniel Stanley Perotti sold 2,925 shares of the firm's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $93.30, for a total value of $272,902.50. Following the sale, the chief financial officer directly owned 213,550 shares in the company, valued at approximately $19,924,215. This trade represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
PennyMac Financial Services Trading Up 2.4%
PennyMac Financial Services stock opened at $96.13 on Thursday. The firm has a market cap of $5.00 billion, a PE ratio of 10.34, a P/E/G ratio of 0.53 and a beta of 1.54. PennyMac Financial Services, Inc. has a 12 month low of $85.74 and a 12 month high of $160.36. The stock's 50 day simple moving average is $127.43 and its two-hundred day simple moving average is $122.87. 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 (NYSE:PFSI - Get Free Report) last posted its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share for the quarter, missing the consensus estimate of $3.23 by ($1.26). PennyMac Financial Services had a net margin of 24.48% and a return on equity of 10.36%. The firm had revenue of $538.01 million for 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 for the quarter was up 14.4% compared to the same quarter last year. Analysts anticipate that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current year.
PennyMac Financial Services Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Monday, February 16th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, February 13th. PennyMac Financial Services's dividend payout ratio is presently 12.90%.
Institutional Investors Weigh In On PennyMac Financial Services
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC purchased a new stake in shares of PennyMac Financial Services during the second quarter worth $26,000. Strs Ohio acquired a new position in PennyMac Financial Services during the first quarter worth about $30,000. Los Angeles Capital Management LLC purchased a new stake in PennyMac Financial Services during the 4th quarter valued at about $31,000. GAMMA Investing LLC grew its stake 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 valued at $38,000 after acquiring an additional 142 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in PennyMac Financial Services by 26.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 504 shares of the real estate investment trust's stock valued at $62,000 after acquiring an additional 105 shares during the last quarter. Institutional investors and hedge funds own 57.87% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on PFSI shares. Jefferies Financial Group started coverage on PennyMac Financial Services in a research report on Friday, December 19th. They set a "buy" rating and a $160.00 price target on the stock. Barclays dropped their price target on shares of PennyMac Financial Services from $158.00 to $136.00 and set an "overweight" rating on the stock in a research note on Friday, January 30th. BTIG Research reissued a "buy" rating on shares of PennyMac Financial Services in a report on Friday, January 30th. Keefe, Bruyette & Woods decreased their price objective on shares of PennyMac Financial Services from $143.00 to $115.00 and set a "market perform" rating on the stock in a report on Monday, February 2nd. Finally, Wall Street Zen lowered shares of PennyMac Financial Services from a "buy" rating to a "hold" rating in a research report on Sunday, January 18th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $139.71.
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About PennyMac Financial Services
(
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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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