Key Points
- PennyMac Financial Services CAO Gregory Hendry sold 2,943 shares on June 22 at an average price of $81.71, totaling about $240,473. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Hendry still owned 48,968 shares worth roughly $4.0 million, and the sale reduced his position by 5.67%.
- The company recently missed quarterly earnings expectations slightly, with EPS of $2.19 versus $2.22 expected, while revenue rose 26.5% year over year. PennyMac also paid a quarterly dividend of $0.30 per share, yielding about 1.4% annually.
PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) CAO Gregory Hendry sold 2,943 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $81.71, for a total value of $240,472.53. Following the completion of the transaction, the chief accounting officer directly owned 48,968 shares of the company's stock, valued at approximately $4,001,175.28. This trade represents a 5.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
PennyMac Financial Services Stock Performance
Shares of NYSE PFSI opened at $83.47 on Thursday. The firm's 50-day moving average price is $86.22 and its 200-day moving average price is $102.64. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 3.63. The company has a market cap of $4.33 billion, a PE ratio of 8.87, a PEG ratio of 0.52 and a beta of 1.44. PennyMac Financial Services, Inc. has a 52-week low of $77.67 and a 52-week high of $160.36.
PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $544.98 million during the quarter, compared to the consensus estimate of $546.17 million. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The business's revenue was up 26.5% compared to the same quarter last year. As a group, analysts anticipate that PennyMac Financial Services, Inc. will post 10.68 EPS for the current year.
PennyMac Financial Services Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Monday, May 18th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, May 18th. PennyMac Financial Services's payout ratio is 12.75%.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP purchased a new stake in shares of PennyMac Financial Services in the 3rd quarter worth $5,593,000. 140 Summer Partners LP bought a new position in PennyMac Financial Services in the 3rd quarter worth $55,268,000. Picton Mahoney Asset Management lifted its position in PennyMac Financial Services by 554.1% during the third quarter. Picton Mahoney Asset Management now owns 28,872 shares of the real estate investment trust's stock valued at $3,576,000 after purchasing an additional 24,458 shares in the last quarter. Norges Bank purchased a new position in PennyMac Financial Services during the fourth quarter valued at $44,287,000. Finally, American Century Companies Inc. grew its holdings in PennyMac Financial Services by 7.5% during 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 period. 57.87% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the company. Barclays lowered their price target on PennyMac Financial Services from $116.00 to $107.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered PennyMac Financial Services from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, May 6th. Wells Fargo & Company reduced their price objective on 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. Keefe, Bruyette & Woods lowered their target price on PennyMac Financial Services from $115.00 to $108.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. Finally, Stephens initiated coverage on PennyMac Financial Services in a research report on Friday, April 24th. They issued an "equal weight" rating and a $100.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $117.12.
Get 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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