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

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the completion of the transaction, the chief executive officer now owns 180,604 shares of the company’s stock, valued at $18,970,644.16. This represents a 5.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, October 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $107.57, for a total value of $1,075,700.00.
• 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 stock was sold at an average price of $99.31, for a total transaction of $993,100.00.

PennyMac Financial Services Stock Performance

Shares of PFSI stock opened at $101.26 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. The stock has a 50 day simple moving average of $107.43 and a 200-day simple moving average of $99.54. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 32.15 and a beta of 1.79. PennyMac Financial Services, Inc. has a 12-month low of $74.69 and a 12-month high of $119.13.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The business had revenue of $411.83 million during the quarter, compared to analyst estimates of $513.12 million. During the same period last year, the business posted $1.77 EPS. PennyMac Financial Services’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that PennyMac Financial Services, Inc. will post 11.88 EPS for the current year.

PennyMac Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, November 18th. This represents a $1.20 annualized dividend and a yield of 1.19%. PennyMac Financial Services’s payout ratio is currently 38.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PFSI. Vanguard Group Inc. grew its holdings in shares of PennyMac Financial Services by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 2,618,386 shares of the real estate investment trust’s stock worth $238,509,000 after acquiring an additional 8,345 shares during the period. FMR LLC grew its holdings in PennyMac Financial Services by 231.9% in the third quarter. FMR LLC now owns 1,166,998 shares of the real estate investment trust’s stock valued at $133,003,000 after purchasing an additional 815,389 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in PennyMac Financial Services by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 447,351 shares of the real estate investment trust’s stock valued at $50,985,000 after purchasing an additional 31,035 shares during the last quarter. American Century Companies Inc. increased its position in shares of PennyMac Financial Services by 13.2% in the second quarter. American Century Companies Inc. now owns 347,979 shares of the real estate investment trust’s stock valued at $32,919,000 after buying an additional 40,676 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of PennyMac Financial Services during the 3rd quarter worth $24,644,000. 57.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PFSI has been the subject of several research reports. Piper Sandler upped their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a research note on Monday, July 22nd. Finally, Barclays lifted their target price on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.86.

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.