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 stock in a transaction on Monday, October 14th. The shares were sold at an average price of $107.57, for a total value of $1,075,700.00. Following the completion of the sale, the chief executive officer now owns 190,604 shares in the company, valued at approximately $20,503,272.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, September 17th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $116.79, for a total value of $1,167,900.00.
• On Wednesday, August 21st, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $99.31, for a total value of $993,100.00.

PennyMac Financial Services Price Performance

Shares of PFSI opened at $110.92 on Thursday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. PennyMac Financial Services, Inc. has a 1-year low of $62.15 and a 1-year high of $119.13. The stock has a market cap of $5.65 billion, a PE ratio of 38.51, a price-to-earnings-growth ratio of 0.66 and a beta of 1.77. The firm has a fifty day moving average price of $106.81 and a 200 day moving average price of $97.50.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). The firm had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period last year, the company earned $1.11 earnings per share. As a group, sell-side analysts anticipate that PennyMac Financial Services, Inc. will post 11.06 EPS for the current year.

PennyMac Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were paid a $0.30 dividend. The ex-dividend date was Tuesday, August 13th. 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 yield of 1.08%. PennyMac Financial Services’s payout ratio is currently 41.67%.

Analyst Ratings Changes

Several brokerages recently weighed in on PFSI. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a report on Monday, July 22nd. Wedbush raised their price objective on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Barclays boosted their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler upped their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.50.

Institutional Investors Weigh In On PennyMac Financial Services

Several hedge funds have recently made changes to their positions in PFSI. nVerses Capital LLC acquired a new position in PennyMac Financial Services in the 3rd quarter valued at about $285,000. Creative Planning raised its stake in shares of PennyMac Financial Services by 17.7% during the third quarter. Creative Planning now owns 5,856 shares of the real estate investment trust’s stock worth $667,000 after purchasing an additional 879 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of PennyMac Financial Services by 291.8% during the third quarter. SG Americas Securities LLC now owns 11,911 shares of the real estate investment trust’s stock worth $1,357,000 after purchasing an additional 8,871 shares during the last quarter. Algert Global LLC purchased a new position in PennyMac Financial Services in the 2nd quarter valued at $408,000. Finally, The Manufacturers Life Insurance Company increased its stake in PennyMac Financial Services by 6.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,449 shares of the real estate investment trust’s stock valued at $1,745,000 after buying an additional 1,166 shares during the period. Institutional investors and hedge funds own 57.87% of the company’s stock.

About PennyMac Financial Services

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.