Key Points
- PennyMac Financial Services CEO David Spector sold 10,000 shares on May 12 at an average price of $87.99, totaling about $879,900. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- The company reported mixed quarterly results, with earnings of $2.19 per share slightly missing estimates of $2.22, while revenue came in at $544.98 million and rose 26.5% year over year.
- PFSI declared a quarterly dividend of $0.30 per share, payable May 28, implying an annualized yield of about 1.4%. The stock was also noted as trading near $87.83, well below its 52-week high of $160.36.
PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) 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 transaction of $879,900.00. Following the completion of the transaction, the chief executive officer owned 60,604 shares of the company's stock, valued at approximately $5,332,545.96. This trade represents a 14.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $928,300.00.
- On Friday, March 6th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was 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 stock was 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%
PennyMac Financial Services stock opened at $87.83 on Thursday. The company has a debt-to-equity ratio of 3.63, a quick ratio of 0.34 and a current ratio of 0.33. PennyMac Financial Services, Inc. has a 52-week low of $82.65 and a 52-week high of $160.36. The firm has a 50 day moving average price of $88.88 and a two-hundred day moving average price of $112.24. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 0.58 and a beta of 1.49.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.03). PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The firm had revenue of $544.98 million for the quarter, compared to the consensus estimate of $546.17 million. During the same quarter in the previous year, the business posted $1.42 EPS. The firm's revenue for the quarter was up 26.5% compared to the same quarter last year. Equities analysts predict that PennyMac Financial Services, Inc. will post 10.68 EPS for the current year.
PennyMac Financial Services Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Monday, May 18th will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, May 18th. This represents a $1.20 annualized dividend and a yield of 1.4%. PennyMac Financial Services's dividend payout ratio (DPR) is presently 12.75%.
Institutional Trading of PennyMac Financial Services
Several hedge funds have recently bought and sold shares of the business. Hudson Bay Capital Management LP bought a new position in PennyMac Financial Services during the 3rd quarter valued at $5,593,000. 140 Summer Partners LP bought a new position in PennyMac Financial Services during the 3rd quarter valued at $55,268,000. Picton Mahoney Asset Management lifted its stake in PennyMac Financial Services by 554.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 28,872 shares of the real estate investment trust's stock valued at $3,576,000 after acquiring an additional 24,458 shares in the last quarter. American Century Companies Inc. lifted its stake in PennyMac Financial Services by 7.5% during the 3rd quarter. American Century Companies Inc. now owns 429,403 shares of the real estate investment trust's stock valued at $53,195,000 after acquiring an additional 30,015 shares in the last quarter. Finally, M&T Bank Corp bought a new position in PennyMac Financial Services during the 4th quarter valued at $5,095,000. Institutional investors and hedge funds own 57.87% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the stock. Zacks Research lowered shares of PennyMac Financial Services from a "hold" rating to a "strong sell" rating in a report on Friday, May 8th. BTIG Research reaffirmed a "buy" rating on shares of PennyMac Financial Services in a research report on Friday, January 30th. Piper Sandler reduced their price objective on shares of PennyMac Financial Services from $122.00 to $112.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their price objective on shares of PennyMac Financial Services from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Finally, Barclays reduced their price objective on shares of PennyMac Financial Services from $116.00 to $107.00 and set an "overweight" rating for the company in a research report on Monday. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, PennyMac Financial Services currently has an average rating of "Hold" and an average target price of $122.75.
Read Our Latest Stock Analysis on PennyMac Financial Services
PennyMac Financial Services Company Profile
(
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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