David Spector Sells 10,000 Shares of PennyMac Financial Services, Inc. (NYSE:PFSI) Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $99.31, for a total transaction of $993,100.00. Following the sale, the chief executive officer now directly owns 210,604 shares of the company’s stock, valued at approximately $20,915,083.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

David Spector also recently made the following trade(s):

• On Wednesday, July 10th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $92.06, for a total transaction of $920,600.00.
• On Monday, June 3rd, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $90.56, for a total transaction of $905,600.00.

PennyMac Financial Services Trading Up 2.9 %

Shares of NYSE:PFSI opened at $102.39 on Friday. The company has a 50 day moving average of $96.50 and a 200-day moving average of $91.72. The firm has a market cap of $5.21 billion, a P/E ratio of 35.55, a P/E/G ratio of 0.63 and a beta of 1.72. PennyMac Financial Services, Inc. has a twelve month low of $62.15 and a twelve month high of $105.94. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). The company had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. PennyMac Financial Services had a return on equity of 12.69% and a net margin of 13.13%. The company’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 earnings per share. As a group, analysts anticipate that PennyMac Financial Services, Inc. will post 10.54 earnings per share for the current fiscal year.

PennyMac Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Tuesday, August 13th were paid a $0.30 dividend. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Tuesday, August 13th. PennyMac Financial Services’s dividend payout ratio is currently 41.67%.

Institutional Trading of PennyMac Financial Services

A number of institutional investors have recently made changes to their positions in PFSI. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PennyMac Financial Services by 14.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,214 shares of the real estate investment trust’s stock worth $814,000 after purchasing an additional 1,138 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of PennyMac Financial Services by 40.0% in the 4th quarter. Federated Hermes Inc. now owns 60,346 shares of the real estate investment trust’s stock worth $5,333,000 after purchasing an additional 17,245 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of PennyMac Financial Services by 9.4% in the 4th quarter. Handelsbanken Fonder AB now owns 5,800 shares of the real estate investment trust’s stock worth $513,000 after purchasing an additional 500 shares in the last quarter. Foster & Motley Inc. bought a new stake in shares of PennyMac Financial Services in the 4th quarter worth approximately $234,000. Finally, New York State Common Retirement Fund raised its holdings in shares of PennyMac Financial Services by 6.9% in the 4th quarter. New York State Common Retirement Fund now owns 15,823 shares of the real estate investment trust’s stock worth $1,398,000 after purchasing an additional 1,015 shares in the last quarter. 57.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on PFSI shares. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a research note on Monday, July 22nd. Piper Sandler boosted their target price on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Wedbush boosted their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, PennyMac Financial Services currently has an average rating of “Hold” and an average target price of $107.17.

PennyMac Financial Services Company Profile

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.